Which statement is correct about expenses on the statement of income? Select one O Classifying expenses by nature means that expenses are reported according to the activity for which they are incurred Examples of expenses classified by function are cost of goods sold and administrative expenses Expenses must be classified by their function Expenses must be classified in decreasing order of magnitude Under the lower of cost and net realizable value basis, the adjusting entry to record a decline in net realizable value below cost includes Select one: O debit to the inventory account. O debit to the cost of Goods Sold account credit to the Cost of Goods Sold account credit to the Sales account If a company has sales of $500,000 and cost of goods sold of $350,000, the gross profit marginis Select one @ 30% 70% 100% If Winner to accept a note receivable from Loser Inc. for the sale of equipment Select one Lower is the Day of the stand winner is the maker of the Lour theme of the hot and Win the Day of the nota to the credit and Wine Cleat my choke