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 $369,000 for services it provided. In May, the company received $286,000 from its April customers and $271,000 from its May customers. Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? both statements, $271,000 Income Statement, $557,000; Statement of Cash Flows, $369,000 both statements, $369,000 Income Statement, $369,000; Statement of Cash Flows, $557,000 Income Statement, $557,000; Statement of Cash Flows, $774,000 Income Statement, $774,000; Statement of Cash Flows, $557,000