The following events apply to East Italia Industries, for the 2020 accounting period, its first year of operations: 1) The business issued $41,000 of common stock to its stockholders. 2) Services were provided to customers for $31,000 cash. 3) Services were provided to customers for $19,000 on account. 4) The business received $25,000 cash from a Notes Payable. 5) Operating expenses of $22,000 were incurred and paid in cash. Calculate the ending balance in retained earnings amount for 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 $41,000 of common stock to its stockholders. 2) Services were provided to customers for $31,000 cash. 3) Services were provided to customers for $19,000 on account. 4) The business received $25,000 cash from a Notes Payable. 5) Operating expenses of $22,000 were incurred and paid in cash. Calculate the ending balance in retained earnings amount for 2020 . Your