During 20A,Burton Company delivered products to customers for which customers paid or promised to pay $3,820,000.The company collected $3,670,000 in cash from customers during the year.Indicate which of these amounts will appear on the income statement and which on the statement of cash flows.
A) $3,670,000 appears on both the income statement and the statement of cash flows.
B) $3,670,000 appears on the statement of cash flows,and $3,820,000 appears on the income statement.
C) $3,820,000 appears on both the income statement and the statement of cash flows.
D) $3,820,000 appears on the statement of cash flows,and $3,670,000 appears on the income statement.
Correct Answer:
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