X Company is a service company and prepares monthly financial statements. In April, it billed customers $403,000 for services it provided; in May, it billed customers $350,000 for services it provided.

In May, the company received $286,000 from its April customers and $245,000 from its May customers.

Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? A. Income Statement, $350,000; Statement of Cash Flows, $531,000 B. both statements, $245,000 C. Income Statement, $531,000; Statement of Cash Flows, $753,000 D. Income Statement, $753,000; Statement of Cash Flows, $531,000 E. Income Statement, $531,000; Statement of Cash Flows, $350,000 F. both statements, $350,000