Lesson 6
Dear Prof. Sue Garreis
Hello!
How are you doing? My homework follows. My answers are in pink. My news is at the end.
Dear Mei,
Thank you for your homework message. My comments are in red. Corrections are in italics. Sorry this message is so late.
Sincerely,
Prof. Sue Garreis
Homework
1. What is the new cash value on the balance sheet?
It's $20,000(twenty thousand dollars).
⇒Correct.
2. What is the new value of the long-term assetl?
It's $70,000(seventy thousand dollers).
⇒Correct. (Dollars)
3. What is the new value of the total assets?
It's $90,000(ninety thousand dollers).
⇒Correct. (Dollars)
4. What is the new value of the total liabilities and stockholder's equity?
It's $90,000(ninety thousand dollers).
⇒Correct. (Dollars)
5. How easy was this lesson for you?
The accounting was about right. The English was about right.
⇒Thank you for your feedback.
I have a question. In the Balance Sheet and Income Statement, is there a required format?
⇒Yes. In the Balance Sheet the assets are listed first. The current assets are listed before the long-term assets. The current assets are usually listed in the same order. The liabilities are listed after the assets and before equities. The current liabilities are listed before the long-term liabilities. The equities are listed last.
What is different about the Japanese Balance Sheet?
The next lesson is about the Income Statement. We talk about the format of the US Income Statement: revenue, cost of goods sold, operating expenses. How is the Japanese Income Statement different from the US one?
When I was studying financial accounting, I realized that it is different from Japan.
My news:
I'm working for a gas station. I have been working for about 7 years. Now, it's very hot. So my work makes me lose my physical strength. (I think that is what you meant.) But I feel the work is harder in the winter than the summer. I can buy gas cheaper than the customers, since I work for the gas station.
I come to school by my car. So, it is a great help to me. And I can change the oil at a low cost. Though my work is so hard, it is a help to me and I enjoy working there. If I find a job, I will quit my job. I'm going to be very lonely when I quit.
⇒What a great job to have! How did you find the job? What is the brand of gas at your station? What a great perk--getting cheaper gas and oil changes. That is worth a lot! What do you do at the station? In the US now, gas stations only sell gas and some snack foods. When I was in my twenties and thirties, gas stations also could fix cars. They don't do that any more. Too bad! Do you know how to fix cars? Do you change your oil yourself? In the US, the customers pump their own gas. There is only one attendant at the station and he or she stays inside all the time. There are eight to twelve pumps at a gas station in the US. The customers use a credit card to pay for the gas. There is a credit card reader at the gas pump. If the customer wants to pay for the gas with cash, he goes inside to pay the attendant first. Then the customer pumps the gas outside.
T.G.I.F! Have a great weekend!
⇒Thanks! It was a great weekend. Where did you learn about TGIF?
Sincerely,
Mei
⇒The new lesson is here: http://msgarreis.com/income110.htm. It is the first of two lessons on the Income Statement.
⇒This week my second oldest granddaughter is here. Her name is Emily and she is almost fifteen. She will stay for a week. She will help me sort papers. We will also have fun together. This Saturday, we went to my sister's condo near Washington DC. We also had a visit with Elaina, my sister's younger daughter. Elaina was dog-sitting. The dog was cute! Elaina lives in Washington DC. Today Emily and I had dinner at a restaurant called P.F. Chang's. She likes Chinese food and had never been to P.F.Chang's before. Here's the menu: http://www.pfchangs.com/menu/. The chicken lettuce wraps are my favorite! I doubt it is real Chinese food, but it is yummy!