During 2018, Towson Company had credit sales of $48,000 and cash sales of $15,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $53,000; 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. Your Answer: Answer Question 12 (16 points) The following is the Frederick Company's adjusted Trial Balance. Frederick Company