as the account type. When you set up an account for a new company vehicle, select A. Expense B. Current Asset C. Equity D. Property, Plant and Equipment Which expense would most likely be classified as Cost of Goods Sold? A. Office Rent B. Raw Materials C. Utilities D. Health Insurance Which equation shows the foundation of the income statement? A. Equity Net Income (Loss) + Capital = B. Gross Profit = Income - COGS C. Net Income (Loss) = Revenue - Expenses D. Assets Liabilities + Equity = Which item would be classified as Other Income? A. an emergency government subsidy payment B. sales from a new product line C. sales returns D. a refund from a supplier