Question: If all values carry a + sign, cash flow before taxes (CFBT) is represented by the equation: (a) Gross income operating expenses depreciation

If all values carry a + sign, cash flow before taxes (CFBT) is represented by the equation:

(a) Gross income – operating expenses – depreciation – initial investment + salvage value

(b) Gross income – operating expenses – depreciation + salvage value

(c) Gross income – operating expenses – initial investment + salvage value

(d ) Gross income – operating expenses + initial investment + salvage value

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