Presented Below Are Selected Data from the Accounting Records for Micco's

question 119

Essay

Presented below are selected data from the accounting records for Micco's Gift Store for 2016. $\begin{array}{lr}\text { Net sales } & \$ 190,000 \\\text { Income taxes } & 30,000 \\\text { Cost of sales } & 80,000 \\\text { Operating expenses } & 45,000 \\\text { Dividends } & 12,000\end{array}$ ​ A) Calculate the net income or loss for 2016 .
B) Explain how the amount frompart "A" will affect the financial position of Micco's Gift Store.
C) Is the company profitable? Explain your answer.

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Definitions:

Foramen Ovale

An opening in the septum between the two atria of the heart in the fetus, which normally closes after birth.

Inferior Vena Cava

The inferior vena cava is a large vein that carries deoxygenated blood from the lower and middle portion of the body to the right atrium of the heart.

External Iliac Vein

A large vein in the pelvis that carries deoxygenated blood from the lower limbs back to the heart.

Superior Vena Cava

A large vein that carries deoxygenated blood from the upper half of the body to the heart's right atrium.