During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay...
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During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $581,595. Of this amount, $555,256 had been collected by year-end. Woozit paid $315,506 in cash for the employee wages and owed the employees $12,564 at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $3,866 and paid $183,874 for other various expenses. Woozit declared and paid dividends of $22,708. There were no other transactions. Based on the information above, determine Woozit's net income (loss) in Year 1. During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $581,595. Of this amount, $555,256 had been collected by year-end. Woozit paid $315,506 in cash for the employee wages and owed the employees $12,564 at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $3,866 and paid $183,874 for other various expenses. Woozit declared and paid dividends of $22,708. There were no other transactions. Based on the information above, determine Woozit's net income (loss) in Year 1.
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Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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