Presented below are selected data from the accounting records for Micco's Gift Store for 2014. 
A Calculate the net income or loss for 2014.
B Explain how the amount from part "A" will affect the financial position of Micco's Gift Store.
C Is the company profitable? Explain your answer.
Definitions:
Quantity Demanded
The cumulative quantity of a product or service that buyers are ready and capable of buying at a certain price within a given timeframe.
Surplus
The situation where the quantity of a good or service supplied exceeds the quantity demanded, often resulting in a decrease in price.
Price
The amount of money required to purchase a good or service, often determined by the interaction of supply and demand.
Units
The basic measure or quantity of something, used as a standard for expressing and comparing amounts.
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