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

question 152

Essay

Presented below are selected data from the accounting records for Micco's Gift Store for 2017.
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$$\begin{array} { l r } \text { Net sales } & 190,000 \\\text { Income taxes } & 30,000 \\\text { Cost of sales } & 80,000 \\\text { Operating expenses } & 45,000 \\\text { Dividends } & 12,000\end{array}$$ A) Calculate the net income or loss for 2017 .
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.

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