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 In vertical analysis, net income of P100,000 on sales of P800,000 results in a net income percentage of 12.5%. If current assets are P600,000 and current liabilities are P300,000, the current ratio is 2.0. If current assets are P500,000, inventory is P150,000, prepaid expenses are P50,000, and current liabilities are P250,000, the quick ratio is 1.2. If cash is P100,000, marketable securities are P50,000, and current liabilities are P200,000, the cash ratio is 0.70. If current assets are P800,000, inventory is P200,000, and current liabilities are P400,000, the quick ratio is 1.5

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