During the year, X Company sold merchandise on account to customers for $414,000. The company collected $385,000 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?

$385,000 appears on the Income Statement and $414,000 appears on the Statement of Cash Flows $29,000 appears on both statements $414,000 appears on both statements $414,000 appears on the Income Statement and $385,000 appears on the Statement of Cash Flows $385,000 appears on both statements $29,000 appears on the Income Statement and $385,000 appears on the Statement of Cash Flows Tries 0/99