Equity is a term that is applicable to certain forms of business ownership only. Select one: True False If the liabilities of an entity exceed the assets, one may conclude that the entity is solvent. Select one: True False If the gross profit is R200 000 and the gross margin is 40%, then the cost of sales amounts to R300 000 . Select one: True False If the salaries expense is expected to increase by 10% to R40 150, then the salaries expense prior to the increase is R36 135 . Select one: True False