During 2018, Towson Company had credit sales of $54,000 and cash sales of $14,000. In 2018 Towson collected $31,000 of accounts
receivable resulting from sales on credit. Towson incurred operating expenses of $55,000; 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 $9,000. What is Towson's 2018 accrual basis net income or loss?
If the first roll is a three, then the only chance of the sum of the two numbers being less than six is if you roll a 1 or a 2. That is 2/6 chance, or simplified, a 1/3 chance.
