1. Unearned rent revenue would be listed under which of the following categories on a balance sheet?
a. Current assets
b. long-term investments
c. Current liabilities
d. Stockholders' equity
e. unearned rent revenue would not appear on the balance sheet.

2. The gross profit percentage
a. is an indicator of how well a firm manages its operating expenses.
b. is equal to net income divided by sales.
c. Is computed by subtracting costs of goods sold from sales and diving the result by sales
d. varies inversely with the markup the firm takes on its inventory
e. None of the above.

Thanks!