Lesson 7
Dear Takeke
Dear Professor. Susan Garreis,
Hello.
In summer we use fans to keep cool.
Fans take a very long time to cool us. Air conditioning is expensive.
Others eat ice cream to keep cool.
Also we go to a swimming pool. There is so much fun in the pool if there
is a slider with flowing water.
I like summer.
The reason is I can wear a T-shirt and not be overdressed.
We do not eat much hot food in the summer.
>I think that is what you mean.
<Homework>
1 What is the format for an American Income Statement?
A, Financial statements covering different dates but prepared consistently
and therefore lending themselves to comparative analysis, as accounting
convention requires.
>The above sentence is a general statement about any financial statement.
>The answer is:
Revenue minus Cost of Goods Sold and Operating Expenses equals Net Income
or Loss
2 Use your words to tell me how to calculate cost of goods sold. Please
do
not use any numbers.
A, Products purchased, etc. In its fiscal year, if all sold, the amount
that
suppliers will be the cost of sales. Usually is part of the purchases of
goods on the shelf but they are. You will need to minus the stock of the
date of the end of the fiscal year, to calculate the cost of sales for
that.
Cost of sales was calculated in this way will be the amount of the expenses
of the business year.
>The answer is:
Beginning inventory plus purchases minus ending inventory equals cost of
goods sold.
3 Did Beach Toys use LIFO or FIFO to calculate the cost of goods sold?
A, Yes, we have used
>Which one did Beach Toys use? LIFO? FIFO?
>The answer is FIFO.
4 Does the purchase price of inventory rise or fall for Beach Toys, Inc?
A, Yes, there was
>The answer is:
The purchase price of inventory rises for Beach Toys, Inc.
Takeke, inventory was bought three times.
Each time the price of inventory was higher than the last time.
5 Which inventory method (LIFO or FIFO) is better for Beach Toys, Inc to
use?
"Better" means "results in lower income tax."
A, It is better using the LIFO
Correct!
6 How easy was this lesson for you?
The accounting was: very hard
The English was: very hard
Finding and using the linked web pages was: very hard
>What makes finding and using the linked web pages very hard?
>What can I do to make the lesson better for you?
>Thank you for the vocabulary words.
Sincerely yours,
Takeke
The next lesson is attached.
It is the second lesson about the income statement.
My oldest granddaughter is at my house for a visit.
She will stay a few days.
We will sew together.
We both like to sew.
Last Wednesday was July 4.
It is the biggest American holiday.
It is our country's birthday.
Here is a page I made about the Fourth of July: http://msgarreis.com/July4th.htm
Do not translate all the linked pages. Look at the pictures.
On one page you can hear some spoken English.