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During 2018, Towson Company had credit sales of $40,000 and cash sales of $19,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on

During 2018, Towson Company had credit sales of $40,000 and cash sales of $19,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.Towson incurred operating expenses of $49,000; 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 $6,000.What is Towson's 2018 accrual basis net income or loss?Enter a loss as a negative number.

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