Question
X Company is a service company and prepares monthly financial statements. In March, it billed customers $416,000 for services it provided; in April, it billed
X Company is a service company and prepares monthly financial statements. In March, it billed customers $416,000 for services it provided; in April, it billed customers $363,000 for services it provided. In April, the company received $286,000 from its March customers and $269,000 from its April customers.
Which of the following amounts will appear on X Company's April Income Statement and Statement of Cash Flows?
a. both statements, $269,000 b both statements, $363,000 c Income Statement, $555,000; Statement of Cash Flows, $779,000 d Income Statement, $363,000; Statement of Cash Flows, $555,000 e Income Statement, $779,000; Statement of Cash Flows, $555,000
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