Question
X Company is a service company and prepares monthly financial statements. In March, it billed customers $411,000 for services it provided; in April, it billed
X Company is a service company and prepares monthly financial statements. In March, it billed customers $411,000 for services it provided; in April, it billed customers $365,000 for services it provided.
In April, the company received $285,000 from its March customers and $247,000 from its April customers.
Which of the following amounts will appear on X Company's April Income Statement and Statement of Cash Flows?
4 multiple choice questions below....
1 ) Income Statement, $776,000;Statement of Cash Flows, $532,000
both statements, $365,000
2 ) Income Statement, $365,000;Statement of Cash Flows, $532,000
both statements, $247,000
3 ) Income Statement, $532,000;Statement of Cash Flows, $365,000
4 )Income Statement, $532,000;Statement of Cash Flows, $776,000
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