Problem 5 (Liquidity Ratio): A company's operating cycle is 30 days. Total Sales and Cost of Sales for the period amounted to P 90,000 and P 60,000, respectively. Ending balance of inventory amounted to P3,000. The company's quick ratio is 1:1 and current ratio is 1.5:1. (Considering that the ending balances of any account represents its average balance) Required: 1. How much is ending balance of accounts receivable? 2. How much is total current liabilities? 3. How much is total current assets? 4. How much is the ending cash balance, assuming that current assets is composed of cash, accounts receivable and inventory?Problem 6 (Liquidity Ratio): The current ratio is 2:1 while the quick ratio is 1.5:1. The company's cost of sale amounted to P 600,000 while day in inventory is 30 days. (The ending balance represents the average balance for the year) Required: 1. How much was the ending balance of inventory? 2. How much was total current liabilities? 3. How much was total current assets? 4. If cash and accounts receivable have a ratio of 2:1, how much is the ending balance of the cash account