Question $5$

$1$ pts

During Year $1,$ Woozit Widget Company performed services for which customers paid or promised to pay a total of $$587,054.$ Of this amount, $$556,121$ had been collected by year$-$end. Woozit paid $$324,174$ in cash for the employee wages and owed the employees $$12,500$ at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $$2,478$ and paid $$194,194$ for other various expenses. Woozit declared and paid dividends of $$13,577.$ There were no other transactions.

Based on the information above, determine Woozit's net income $($loss$)$ in Year $1.$