Question: Mize Company provided $ 4 5 , 5 0 0 of services on account, and collected $ 3 8 , 0 0 0 from customers

Mize Company provided $45,500 of services on account, and collected $38,000 from customers during the year. The company also incurred $37,000 of expenses on account, and paid $32,400 against its payables. Which of the following statements about the result of these events is true?

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