Lesson 7
Dear Prof. Sue Garrieis
Thank you for yor messages so quickly.
My replies are in brown. My homework is at the end in black.
Dear Mei,
Thank you for your seventh week message. My comments and corrections are below, in red.
Sincerely,
Prof. Sue Garreis
⇒My! Aren't we colorful when sending messages this year!
Yes! Our emails are colorful!
⇒It makes it easier for me to tell what is new writing and what is old. Thank you for going along with it.
Don't mention it!Thank you for correcting everytime.
⇒I will always copy Profs. Shiina and Kaneko on all correspondence we exchange. Prof. Kaneko will be able to see how many messages went between us during the week.
Thanks!
⇒The Defense Academy sounds like the military academies in the US: the Naval Academy (Navy), West Point (Army), the Air Force Academy (Air Force) and the Coast Guard Academy (Coast Guard). Those academies are very difficult to get into, are tuition-free to the students and are physically demanding. I live in the town next to the Naval Academy. There is a bridge across the Severn River here. The "middies" are always running across that bridge to keep in shape. Middies is a nickname for the midshipmen, students at the Naval Academy. They are called midshipmen, whether they are female or male. They make me tired just to watch them run. I could not do what they do. I never could!
Our riot police also is running the front of my gus station everyday. I also run or walk to for about 30 minutes once in a while. But I often stop running halfway . So I admire men whom have guts as the middies.
I think the middies have soilid muscles than I.
⇒Me either. And I worry for relatives of mine who are members. One cousin is an active Marine. He has been to Afghanistan several times over the last ten years.
Not because I think he will go to the brig (the military jail). Far from it! I worry since he frequently is in harm's way because of his assignments.
It is so dangerous! Though it cannot be avoided, it causes you or your relatives great anxiety.
⇒America is huge!! I didn't appreciate that until I traveled outside the US. It was amazing to me that we could go from one country to another in the same space of time and distance that we travel from one state to another in the US. Now I understand why people outside the US would routinely keep their passports current and always in their possession. Here in the US relatively few people have a current passport. And most of us who have one keep it in a safe deposit box in the bank, because we use it so infrequently.
Yes. We have
our current passport. We can't deposit
our passport in the bank. Some Japanese don't apply for their passport, because they don't need
to go outside Japan.
⇒Yes. That is how Prof. Shiina, my first husband and I
met. We all attended an international accounting educator's conference in 1987.
Mrs. Shiina and I were guests (not participants) at the conference. Our
husbands were the participants. We four met, talked, got along well and the two
men talked about creating this course. It has changed a lot since then! The
conference is always held in two large cities in the host country. That year it
was in Kyoto and Tokyo. What a treat for me! I still remember standing on a
pedestrian overpass bridge in Tokyo and looking at eight lanes of traffic in
each direction. I had never seen so many cars in one place!!
In the old days, I had lived in Tokyo. I suppose current Tokyo amaze you.
Current Tokyo is so crowded.
Although I sometimes go to Tokyo by car for shopping, I'm very tired afterward.
I like the country rather than a town such as Tokyo.
⇒I hope that native English speakers would not sneer at you. That is not very polite. I would hope that they would try their best to understand your accent, but make no comment about it. Your written English is excellent. So keep up your studies with that aspect of a foreign language. Keep practicing your spoken English. The more you practice the better you will become. It is ok to speak much simpler than you write. Keep practicing listening to English. You will get better. All three aspects of a language (writing, speaking, listening) are necessary to be fluent. Do not be afraid to make a mistake. The mistakes will get fewer and fewer.
Thank you. Yes! I never give up!
⇒In America, we say the Yakuza are much more dangerous than our Mafia. They are probably about the same. It is a matter of what you are used to. Of course, the news only reports the bad stuff about any country. Stories about good things won't sell newspapers, magazines and TV air time.
I see. I also think the Yakuza are dangerous. The Yakuza have guns. I have never known that the Yakuza are notorious in America. They sometime come my station. In fact, most of boss is kind. But men who belong to the lower class sometime injure a person.
⇒OK. They are just specific types of income. When we talk in this course, I use very generic terms for income, expenses, assets and liabilities. When you see a real set of financial statements, you see specific types of each category. That is also true in your textbooks. If you are looking at a landscaping company, revenue will be "Landscaping Fees Earned." Keep asking questions. That is how you learn fast.
Thank you for teaching. I will keep doing.
⇒There are so many insects embedded in my windshield that I think they will never get off. It is very hard to get those bugs off! Only after several hard rains will the windshield be completely clean.
There are many insects embedded in my windshield, too. I frequently must get off those as I use a highway.
⇒It is not easy to find a part-time job in the US now. I am glad that it is easier to find one in Japan.
American economic conditions is not easy!
⇒No, they are not. But I suspect economic conditions are not easy in Japan either. It will take us several years to get out of this mess.
⇒No, the restaurants here do not show the prices on the internet. Do they show the prices on the internet for Japanese restaurants? I guess the US restaurants want you to come inside. Then maybe you will buy something. However, the restaurants (except for the most expensive ones) generally post a menu outside. You can check the prices before you decide to come in.
Yes. Most Japanese restaurants show the prices on the internet. But most expensive restaurants maybe do not show the prices.
Homework
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1. |
What is the format for an American Income Statement? An American income Statement consists of Revenue, Expenses and Net income(Loss). |
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2. |
Correct. Use your words to tell me how to calculate cost of goods sold. Please do not use any numbers. Revenues minus Gross margin equals COGS. |
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3. |
Correct. However, I wanted to make sure that you knew that COGS is determined by beginning and ending inventory and purchases. Did Beach Toys use LIFO or FIFO to calculate the cost of goods sold? Did Beach Toys use FIFO. |
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4. |
Beach Toys used FIFO. Correct. Does the purchase price of inventory rise or fall for Beach Toys, Inc? The purchase price of inventory rose. |
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5. |
Correct. Which
inventory method (LIFO or FIFO) is better for Beach Toys, Inc to use? |
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6. |
Beach Toys, Inc is better off using LIFO. Correct. How easy was this lesson for you? I feel it is about right. |
⇒Thank you for your feedback.
Prof. Sue Garreis,
You are so kind. I'm glad to exchange our email. I had very much fun. But I depended on you too much. Thank you for giving your messages every time. But, I will send my messages on Friday. And I will only write about things relative to accounting.now on. Thank you for teaching various things. The next generation will refer to our messages. Then the text of our class' s emails will be inconsistency. So I'd appreciate it if you could send your message relative to accounting. It fits Saya. I aporpgize for it, though I asked you to send more.
BTW, I have a question about IFRS(International Financial Reporting Standards). Some Japanese pronounce "Aifa-su". Other people may say "Ifa-su". Which is the best pronunciation?
⇒In English, we say Ai-firs. So either Japanese pronunciation would work in Japan. Here in the US, though, the pronunciation is like two American words: eye, firs.
⇒In the future we will mostly confine our discussion to business matters. However, this course has a cultural component, too. So I will talk a little about some aspect of American culture as well. This week it is the Fourth of July. In order for countries to do business successfully, the business persons must be aware of each other's cultures. That provides some common ground on which to start a business relationship, and avoids some serious misunderstandings which could result in business failures. I will also ask you and Saya most weeks about some aspect of your lives that has nothing to do with business. It is easier to talk about familiar things. It provides a great way to practice English, using simple words. Business discussions do not always lend themselves to simple words! There is no need to apologize for the wide-ranging number of topics we have discussed so far. It has been great fun for me, as well. However, we are now on record for future students saying that students and I talk mostly about business. Future students should note that you are a graduate student. The structure and content of my responses to you are much different from that of undergraduate students. Our communications are more difficult than they would be if you were an undergraduate student and they cover a wider range of ideas.
Have a great weekend!!
⇒You, too.
Sincerely,
Mei
⇒Mei,
The next lesson is the second of two income statement lessons. Here's the link: http://msgarreis.com/income210.htm
⇒As I write this, it is the fourth of July in the US. That is a very important holiday for us. It is the day our nation was founded. Here's a page I made about the Fourth of July: http://msgarreis.com/July4th.htm.
⇒I took my second oldest granddaughter, Emily, back home
and picked up her sister, Meg (my third oldest granddaughter). Meg wanted to
come to my place for the Fourth of July. We will go see some fireworks tonight.
It should be a very good show. I can see the high ones from my backyard, so I
never bother to hoin the crowd to watch the show. It will be the first time I
have seen the whole show in the Annapolis area. About 7:30 pm Meg and I will go
to a home for older people who cannot live alone. They open their grounds to
the public on certain days and July Fourth is one of those days. The place
overlooks the Severn River and the Naval Academy is just down the river. The
fireworks are launched from the Naval Academy, so we have a front row seat!
There will be many people who will watch the fireworks. I'm looking forward to
it! We will nearly have to take a bath in mosquito repellent before we go,
though. Mosquitoes here consider Meg and me a very tasty snack! Do mosquitoes
bother you?
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