Question 21 (2 points) The following events apply to East Italia Industries, for the 2020 accounting period, its first year of operations: 1) The business issued $48,000 of common stock to its stockholders. 2) Services were provided to customers for $35,000 cash. 3) Services were provided to customers for $16,000 on account. 4) The business received $31,000 cash from a Notes Payable. 5) Operating expenses of $24,000 were incurred and paid in cash. Calculate the amount of revenues earned during 2020. Your Answer: Answer

The following events apply to East Italia Industries, for the 2020 accounting period, its first year of operations: 1) The business issued $48,000 of common stock to its stockholders. 2) Services were provided to customers for $35,000 cash. 3) Services were provided to customers for $16,000 on account. 4) The business received $31,000 cash from a Notes Payable. 5) Operating expenses of $24,000 were incurred and paid in cash. Calculate the amount of revenues earned during 2020. Your