During the year, X Company sold merchandise on account to customers for $406,000. The company collected $390,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows?

$390,000 appears on both statements $406,000 appears on both statements $16,000 appears on both statements $406,000 appears on the Income Statement and $390,000 appears on the Statement of Cash Flows $390,000 appears on the Income Statement and $406,000 appears on the Statement of Cash Flows $16,000 appears on the Income Statement and $390,000 appears on the Statement of Cash Flows

During the year, X Company sold merchandise on account to customers for $406,000. The company collected $390,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? $390,000 appears on both statements $406,000 appears on both statements $16,000 appears on both statements $406,000 appears on the Income Statement and $390,000 appears on the Statement of Cash Flows $390,000 appears on the Income Statement and $406,000 appears on the Statement of Cash Flows $16,000 appears on the Income Statement and $390,000 appears on the Statement of Cash Flows Submit Answer Tries 0/99