Cash Accounts Receivable FlyRod Inventory Supplies for guides (flies) Prepaid Insurance Prepaid Rent Truck Rafts Accumulated Depreciation - Rafts Accumulated Depreciation-Trucks Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Income Tax Payable Notes Payable Common Stock, $5 par value Retained Earnings Dividends Guiding Revenue Store Sales COGS Depreciation Expense-Trucks Depreciation Expense-Rafts Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Advertising Expense Telephone Expense Repairs Expense Income Tax Expense Debits 60,000 1,250 800 150 11,883 2,400 12,500 12,000 200 400 167 167 2,550 125 517 1,200 150 300 150 200 151 107,259 107,259 Credits 167 167 300 1,300 125 2,500 151 25,000 70,000 5,950 1,600 107,259

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please identify which items are fixed costs and which costs are variable costs. Thanks!
Cash
Accounts Receivable
FlyRod Inventory
Supplies for guides (flies)
Prepaid Insurance
Prepaid Rent
Truck
Rafts
Accumulated Depreciation - Rafts
Accumulated Depreciation-Trucks
Accounts Payable
Wages Payable
Interest Payable
Unearned Guiding Revenue
Income Tax Payable
Notes Payable
Common Stock, $5 par value
Retained Earnings
Dividends
Guiding Revenue
Store Sales
COGS
Depreciation Expense-Trucks
Depreciation Expense-Rafts
Wages Expense
Interest Expense
Insurance Expense
Rent Expense
Supplies Expense
Advertising Expense
Telephone Expense
Repairs Expense
Income Tax Expense
Debits
60,000
1,250
800
150
11,883
2,400
12,500
12,000
200
400
167
167
2,550
125
517
1,200
150
300
150
200
151
107,259
107,259
Credits
167
167
300
1,300
125
2,500
151
25,000
70,000
5,950
1,600
107,259
Transcribed Image Text:Cash Accounts Receivable FlyRod Inventory Supplies for guides (flies) Prepaid Insurance Prepaid Rent Truck Rafts Accumulated Depreciation - Rafts Accumulated Depreciation-Trucks Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Income Tax Payable Notes Payable Common Stock, $5 par value Retained Earnings Dividends Guiding Revenue Store Sales COGS Depreciation Expense-Trucks Depreciation Expense-Rafts Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Advertising Expense Telephone Expense Repairs Expense Income Tax Expense Debits 60,000 1,250 800 150 11,883 2,400 12,500 12,000 200 400 167 167 2,550 125 517 1,200 150 300 150 200 151 107,259 107,259 Credits 167 167 300 1,300 125 2,500 151 25,000 70,000 5,950 1,600 107,259
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