Question: Test II. True or False (40 points) Read each statement carefully. Write TRUE if the statement is correct. If the statement is FALSE, underline the

Test II. True or False (40 points) Read each statement carefully. Write TRUE if the statement is correct. If the statement is FALSE, underline the incorrect part and write the correct word/figure/term in the space provided. Show your computation on a separate sheet If cash is P300,000, marketable securities are P100,000, and current liabilities are P500,000, the cash ratio is 0.9. If current assets are P1,000,000 and current liabilities are P400,000, the current ratio is 2.5. If cash is P150,000, accounts receivable is P200,000, inventory is P250,000, and current liabilities are P300,000, the quick ratio is 1.17. If current assets are P700,000, inventory is P200,000, prepaid expenses are P50,000, and current liabilities are P350,000, the quick ratio is 1.20. If current assets are P450,000 and current liabilities are P225,000, the current ratio is 2.0

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