Indicate whether the following statements are true or false.

$\_\_\_\_\_\_\_\_\_\_$ Cost of Goods Sold $($COGS$)$ represents an operating expense on the multi$-$step income statement.

$\_\_\_\_\_\_\_\_\_\_$ An advantage of the partnership form of business is that it provides an opportunity to raise large amounts of capital through stock sale.

$\_\_\_\_\_\_\_\_\_\_$ An advantage of incorporating a business is that the owners of the company have limited liability.