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:
Respiration
The process by which living organisms exchange oxygen and carbon dioxide, crucial for energy production and metabolic functions.
Carbon Dioxide
A colorless, odorless gas produced by burning carbon and organic compounds and by respiration, absorbed by plants in photosynthesis.
Hemoglobin
A protein found in red blood cells responsible for transporting oxygen from the lungs to the rest of the body and returning carbon dioxide from the body to the lungs.
Oxygen
A chemical element with symbol O and atomic number 8, essential for aerobic respiration in living organisms and supporting combustion.
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