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It is an economic unit that engages in buying and selling of goods and services * (1 Point) Accounting Business Economics Finance The accountant of Mugunghwa Kkochi Pieot Seumnida (MKPS) Company listed the following balances at the end of the year: Notes Payable 39,000 Allowance for doubtful Accounts 1,500 Supplies 12,000 Furniture and Fixtures 38,000 Accounts Payable ? Accounts Receivable 50,000 Accumulated Depreciation 2,500 Drawing Account 5,000 Equipment 26,000 Cash 54,000 Capital Account 80,000 The ledger of the Accounts Payable was missing at the end of the year. Given the details indicated above, what should be the balance of Accounts Payable at the end of the year? * (1 Point) Enter your answer Mugunghwa Kkochi Pieot Seumnida (MKPS) Company bought Toyota Hi-Ace Van last March 2, 2021 for her Travel Agency business. The company bought this van for P1,500,000, with suap value of P10,000 and with useful life of 5 years. How much should be recorded as Depreciation Expense at the end of year 1, 2021? * (1 Point) 298,000.00 300,000.00 P 375,000.00 P 248,333.35 6 On June 1, 2020, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company bought an additional equipment to produce bulk orders of marbles for P15,000 with scrap value of P1,500. The equipment has an estimated life of 5 years. On December 31, 2021, upon assessing the adjusting entries needed, how much is the depreciation expense to be debited related to this equipment? * (1 Peind Loter your ansver * Which of the following statements is incorrect? (1 Point LE Tro business is efficient if its resource inputs are being used at the least time, effort and cost to produce the # quired cutput (product or services) Puess is effective if it is able to attain its goals in terms of being able to produce and sell the required ber of products or services given a specific level of quality Planning means overseeing the daily operation of carrying out the planned activities. - managers must act, decide, agree, argue, question, approve or solve. As a business needs resources, other than cash to be able to operate, it engages in investing activities such is the acquisition of properties in land, furniture, machineries, and equipment