8 pt During the year, X Company sold merchandise on account to customers for $40

Question

8 pt During the year, X Company sold merchandise on account to customers for $403,000. The company collected $394,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $9,000 appears on both statements BO $403,000 appears on both statements C?$9,000 appears on the Income Statement and $394,000 appears on the Statement of Cash Flows DO $394,000 appears on the Income Statement and $403,000 appears on the Statement of Cash Flows EO $403,000 appears on the Income Statement and $394,000 appears on the Statement of Cash Flows FO $394,000 appears on both statements

Explanation / Answer

Answer -Option E

$403,000 appears on the Income Statement and $394,000 appears on the Statement of Cash flows

Answer -Option E

$403,000 appears on the Income Statement and $394,000 appears on the Statement of Cash flows

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