X Company is a service company and prepares monthly financial statements. In April, it billed customers $405,000 for services it provided; in May, it billed customers $354,000 for services it provided.

In May, the company received $290,000 from its April customers and $247,000 from its May customers.

Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? Income Statement, $759,000; Statement of Cash Flows, $537,000 Income Statement, $537,000; Statement of Cash Flows, $354,000 both statements, $247,000 Income Statement, $537,000; Statement of Cash Flows, $759,000 both statements, $354,000 Income Statement, $354,000; Statement of Cash Flows, $537,000