X Company is a service company and prepares monthly financial statements. In April, it billed customers $412,000 for services it provided; in May, it billed customers $369,000 for services it provided.

In May, the company received $282,000 from its April customers and $277,000 from its May customers.

Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? 1.)Income Statement, $559,000; Statement of Cash Flows, $369,000 2.)both statements, $277,000 3.)Income Statement, $369,000; Statement of Cash Flows, $559,000 4.)both statements, $369,000 5.)Income Statement, $559,000; Statement of Cash Flows, $781,000 Income Statement, $781,000; Statement of Cash Flows, $559,000