Hello, can someone please help me. I’m new to accounting and i’m having lots of trouble with this question. i would really appreciate your help

the ones marked red are wrong, can you please correct them?

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Swift Company was organized on March 1 of the current year. After five months of startup losses,management had expected to earn a profit during August, the most recent month. Management wasdisappointedI howeverI when the income statement for August also showed a loss. August’s incomestatement follows: SWIFT COMPANYIncome StatementFor the Month Ended August 51Sales 5 555,000Less: Operating expenses:Indirect labour cost 5 1T,100Utilities 15,500Direct labour cost T5,000Depreciation, factory equipment 25,000Raw materials purchased 215,000Depreciation, sales equipment 15,000lnsu rance 5,200Rent on facilities 4T,000Selling and administrative salaries 40,000Advertising T1,?00 545,500Net loss 5 {5,500} The company’s controller resigned a month ago. SamI a new assistant in the controller’s officeI preparedthe income statement above. Sam has had little experience in manufacturing operations. After seeing the$5,500 loss for August. Swift’s president stated, “I was sure we’d be profitable within six months, but our sixmonths are up and this loss for August is even worse than .luly’s. I think it’s time to start looking forsomeone to buy out the company’s assets—if we don’t, within a few months there won’t be any assets tosell. By the way, I don’t see any reason to look for a new controller. We’ll just limp along with Sam for thetime being.“ Additional information about the company follows: a. Some 50% of the utilities cost and T553 of the insurance apply to factory operations. The remainingamounts apply to selling and administrative activities. b. Inventory balances at the beginning and end of August were as follows: Augmt 1 Augum 51Raw materials 5 25,000 5 15,000Work in process 5,000 15,000Finished goods 55,000 51,000 c. Only T591: of the rent on facilities applies to factory operations; the remainder applies to selling andadministrative activities.The president has asked you to check over the income statement and make a recommendation aboutwhether the company should look for a buyer for its assets.