Brown office supplies recently reported $17,000 of sales, $8, 250 of operating costs other than depreciation, and $1, 750 of depreciation bad $9,000 of bonds outstanding that carry a 70% interest rate, and its federal-plus-state income tax rate was 40%. How much was the firm's earnings before taxes (EBT)? A. $7, 453 b. $6, 052 c $7, 071 d $5, 287 e $6, 370 EBIT stands for earnings before interest and taxes, and it is often called "operating income." True False If we were decreasing the income statement and the balance sheet, it would be correct to say that the income statement is more like a video while the balance short is more like a snapshot. True False On the balance sheet, total assets must always equal the sum of total labilities and equity. True False