During the year, X Company sold merchandise on account to customers for $406,000. The company collected $383,000 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? $23,000 appears on the Income Statement and $383,000 appears on the Statement of Cash Flows O $406,000 appears on the Income Statement and $383,000 appears on the Statement of Cash Flows $23,000 appears on both statements $406,000 appears on both statements $383,000 appears on both statements $383,000 appears on the Income Statement and $406,000 appears on the Statement of Cash Flows Submit Answer Tries 0/99