During 2018, towson company had credit sales of $44,000 and cash sales of $11,000. in 2018 towson collected $31,000 of accounts receivable resulting from sales on credit. towson incurred operating expenses of $59,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. in addition to these operating expenses, towson also purchased for cash a three-year insurance policy on january 1, 2018. the cost of this policy was $3,000. what is towson's 2018 accrual basis net income or loss? enter a loss as a negative number.

-($5,000)

Explanation:

Given that,

Credit sales = $44,000

Cash sales = $11,000

Accounts receivable = $31,000

operating expenses = $59,000 of this amount, $42,900 was paid in 2018 an remaining represented a liability at year-end.

Cost of policy = $3,000

Sales = Credit sales + Cash sales

         = $44,000 + $11,000

         = $55,000

Insurance Expenses =

                                  = $1,000

Net Loss = Sales - operating expenses - Insurance Expenses

                    = $55,000 - $59,000 - $1,000

                    = -($5,000)

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