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:

Unconscious Determinants

Factors that influence behavior and emotions without an individual's conscious awareness.

Sigmund Freud

An Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue.

Reinforcement

In the context of psychology, a process by which a stimulus increases the probability of a preceding behavior.

B.F. Skinner

An influential American psychologist known for his work in the field of behaviorism, particularly the development of the theory of operant conditioning.