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During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $580,498. Of this amount, $564,597
During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $580,498. Of this amount, $564,597 had been collected by year-end. Woozit paid $326,121 in cash for the employee wages and owed the employees $15,042 at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $4,475 and paid $188,876 for other various expenses. Woozit declared and paid dividends of $21,170. There were no other transactions. Based on the information above, determine Woozit's net income (loss) in Year 1. I
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