Homework Answers
Answer
Income statement $ 324000 and cash flow statement $ 552000.
Explanation
In case of monthly income statement are prepared then billing of only that month will be in income statement. So in income statement billing of may month of $ 324000 will be shown.
In case of cash flow statement, the billing received in cash in may month will be considered. So cash received of $ 288000 and $ 264000 will be shown in cash flow statement of may month.
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X Company is a service company and prepares monthly financial statements. In April, it billed customers...
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