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62 The cashier of Mugunghwa Kkochi Pieot Seumnida (MKPS) Company provided the following and called the document she prepared as "Income Statement": Revenues: Repair and Fees Revenue = P200,000 Prepaid Insurance = 20,000 Accumulated Depreciation - Furniture and Fixtures = 5,000 Accumulated Depreciation - Repair Equipment = 50,000 Prepaid Supplies = 3,500 Total Revenue: 278,500 Expenses: Interest Revenue = 15,000 Rent Expense = 120,000 Supplies Expense = 30,000 Wages Expense = 90,000 1 Utilities Expense = 70,000 Insurance Expens = 30,000 Depreciation Expense - Furniture & Fixture = 2,000 Depreciation Expense - Repair Equipment = 30,000 Total Expenses: 378,000 Net Loss = P108,500 How much is the correc Nel Income or Net Loss ef MKPS Company? If your answer fons, enclose the amount in a parenthesis; example: (100,000,00) 188 The body authorized by law to promulgate rules and regulations affecting the practice of accountancy in the Philippines is (1 Point) Accounting Standards Council Philippine Institute of Certified Public Accountants Board of Accountancy Financial Accounting Standards Board 69 The assets of the Mugunghwa kkochi Pieot Seumnida (MKPS) Corzipany business at the start of the month totaled P1,000,000 with owner's equity at P800,000. Before the month ended, an equipment worth P500,000 was purchased, with a down payment of P150,000, the balance or credit. Owner's Equity at the end of the month should be: (1 Point) a. P1,150,000 b. P550,000 CP800,000 d. P1,000,000 70 Which of the following is true about the double entry system: (1 Point) Each Transactions should be entered into 2 accounts in the ledger Each transactions involves two persons/parties Each transactions involve a debit entry and a corresponding credit entry in the ledger The total debits should be equal to the total credits 71 On December 26, 2021, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company borrowed 11,530,003, a 45 day note, with 8% interest. How much should be recorded as interest expense on December 31, 2021? Use 360 days in a year. (1 Point) Enter your