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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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