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Accounting
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Veekay Company was organized on November1 of the previous year. After seven months of start-up losses, management had expected to earn a profit during June, the most recent month. Management was disappointed, however, when the income statement for June also showed a loss. June's income statement follows: VEEKAY COMPANY Income Statement For the Month Ended June 30 Sales $ 727,500 Less operating expenses: Selling and administrative salaries $ 42,600 Rent on facilities 49,000 Purchases of raw materials 236,000 Insurance 10,900 Depreciation, sales equipment 12,350 Utilities costs 62,200 Indirect labour 126,200 Direct labour 105,300 Depreciation, factory equipment 14,800 Maintenance, factory 8,900 Advertising 93,400 761,650 Operating loss $ (34,150)
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