Lesson 7
Dear Prof. Sue Garreis:
Thank you for your reply and corrections.
=>Dear Emily,
Thank you for your seventh message. My comments follow.
I am very sorry this reply is late. I had an issue with my computer. Sumi massen.
It’s really a busy week for me. I had lessons from Monday to Saturday. On
Sunday, I have to do the homework and write reports.
At this moment, if I have a business of my own, I'd like to have a shop to
offer a quiet place for people to have a rest.
=>What a wonderful idea for a
shop! You would have many customers, I think.
And, I saw the movie called "super 8", I wonder it is on show
in America.
Did you see it? How do you like it?
=>"Super 8" is
showing here right now. I have not seen the movie. I did see a trailer on the
internet. It looks scary! The special effects must have been wonderful.
Homework:
1. What is the format for an American Income Statement?
-The format for an American Income Statement is revenue, cost of goods sold,
gross margin, operating expenses, net income.
=>Correct.
2. Use your words to tell me how to calculate cost of goods sold.
Please
do not use any numbers.
To calculate cost of goods sold, add beginning inventory to purchases, and
minus ending inventory.
=>Correct.
Cost of goods= beginning inventory to purchases+ ending inventory
Cost of goods= beginning inventory
plus purchases minus ending inventory.
3.
Did Beach Toys use LIFO or FIFO to calculate the cost of goods sold?
Beach Toys uses FIFO to calculate the cost of goods sold.
=>Correct.
4. Does the purchase price of inventory rise or fall for Beach
Toys, Inc?
The purchase price of inventory rises.
=>Correct.
5. Which inventory method (LIFO or FIFO) is better for Beach Toys,
Inc to
use? "Better" means "results in lower income tax."
LIFO is better for Beach Toy, Inc.
=>Correct.
6. How easy was this lesson for you?
The accounting was: About right
The English was: About right
English
Japanese
=>Thank you for the vocabulary list.
Sincerely,
Emily
-------------------
The second lesson on the income statement is attached.
Do you ever go to the beach? Where is your favorite beach?
This weekend is a very important holiday in the US. It is July Fourth weekend. It is the nation's 235th (two hundred thirty-fifth) birthday. That is not much time by Japanese or Chinese standards. But to us it is a long time. Here is a link to the July 4th page I made: http://www72.homepage.villanova.edu/susan.stiner/cgu/July4th.htm
Unfortunately, the link to the Star Spangled Banner is broken. That song is our nation's anthem (national song). Here is a link to a version sung by four young girls with awesome voices: http://www.youtube.com/watch?v=PItHw8a7MIQ&NR=1. This is a clip from a TV show. You can also listen to some spoken English if you want.
The weather is very hot here today. That is typical at this time of year. We say it is "firecracker hot." How is the weather in Japan? Is it still raining?