During 2018, Towson Company had credit sales of $48,000 and cash sales

Allstar Company signed a $250,000 mortgage on July 1, 2018
May 5, 2020
A partial list shows that Charles Corporation’s adjusted trial balance
May 5, 2020

During 2018, Towson Company had credit sales of $48,000 and cash sales

of $16,000. 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 $6,000. What is Towson’s 2018 accrual basis net income or loss? Enter a loss as a negative number.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Hi there! Click one of our representatives below and we will get back to you as soon as possible.

Chat with us on WhatsApp
%d bloggers like this: