X Company is a service company and prepares monthly financial statements. In April, it billed customers $418,000 for services it provided; in May, it billed customers $368,000 for services it provided.

In May, the company received $282,000 from its April customers and $269,000 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, $368,000 Income Statement, $551,000; Statement of Cash Flows, $368,000 Income Statement, $786,000; Statement of Cash Flows, $551,000 both statements, $269,000 Income Statement, $551,000; Statement of Cash Flows, $786,000 Income Statement, $368,000; Statement of Cash Flows, $551,000