Lesson 07

 

Dear Natsu,

 

Thank you for your seventh message. My comments and corrections follow.

Sincerely,

Prof. Sue Garreis

 

 

Dear Professor Garreis,

Thank you for your reply and corrections of my English.

I will answer your questions and reply.

 

>Yes, I have. Prof. and Mrs. Shiina gave me one. It is a lovely blue flannel.

>I wear it sometimes in my house.

 

⇒Oh! That's wonderful!

My yukata’s color is blue, too.

When I wear a yukata, I feel good.

 

>It is a small town. There are slightly less than forty thousand people there.

>Here is a webcam for downtown Apex:

>http://96.10.1.168/view/viewer_index.shtml?id=8468

 

⇒Thank you gave me the URL.

 

>We bought tomatoes, green and red peppers

 

⇒My favorite vegetables is tomato!

I like to eat tomatoes with sugar.

 

>We ate hush puppies, a traditional southern food. Hush puppies are deep fried pieces of corn meal batter.

 

⇒That sounds delicious!

There is a lot of nice food in America.

And, I have the impression that American food is really big.

 

>What is your favorite summer food?

>Where is your favorite place to get it?

 

⇒My favorite summer food is watermelon.

I usually buy watermelon at supermarket.

 

Thank you for reading my email.

I’m waiting for your reply.

 

Sincerely　yours,

Natsu

 

 

<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 and net income (Loss).

 

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 which add beginning inventory to purchases, subtract ending inventory to purchases.

To calculate cost of goods sold, add beginning inventory to purchases then subtract ending inventory to purchases.

 

 Correct!

 

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."

 

⇒Better to use the LIFO for Beach Toys.

Better for Beach Toys to use LIFO.

 

Correct!

 

6. How easy was this lesson for you?

The accounting was: Very hard

The English was: Somewhat hard

Finding and using the linked web pages was: Very hard

 

>Thank you for the feedback.

 

Vocabulary - Income Statement (Part 1)

cost of goods sold ⇒uriage genka

first-in, first-out  ⇒sakiire sakidasi

gross margin⇒uriage sourieki

inventory⇒tanaoroshi shisan

invoice⇒seikyusyo

last-in, first-out⇒atoire sakidasi

net income⇒junrieki

purchase⇒kounyu

revenue ⇒syueki

sale⇒hanbai

 

>Thank you for the vocabulary words.



Next

Back

Content