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Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Accounts payable Other accrued liabilities Short-term debt Total current liabilities $ 41,600 117,000 143,000 162,500 18, 200 3482,300 $126,000 30,660 56,000 $212,800 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2019, b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare journal entries for the below transactions and indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect 1. Credit sales for the year amounted to $312,000. The cost of goods sold was $202,800. 2. Collected accounts receivable, $327,600. 3. Purchased inventory on account, $218,400, 4. Issued 650 shares of common stock for $23 per share. Total current liabilities $212,800 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2019 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare journal entries for the below transactions and indicate the effect of each item on Tibbetts Company's working capital current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $312.000. The cost of goods sold was 5202.800 2. Collected accounts receivable, $327,600 3. Purchased inventory on account, $218.400 4. Issued 650 shares of common stock for $23 per share. 5. Wrote off $9,100 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, 526,000, 7. Sold marketable securities costing $33,800 for $40,300 in cash 8. Recorded insurance expense for the year, $15,600. The premium for the policy was paid in June 2019 9. Borrowed cash on a short-term bank loan, $13,000 10. Repaid principal of $52,000 and interest of $3,900 on a long-term bank loan Complete this question by entering your answers in the tabs below. Required A Required 1 Required 02 Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2019. (Round "Ratio answers to 2 decimal places) wcy wes para in June 2019 Bim bank ln 50,000 10. Repaid principal of $52,000 and interest of $3.900 on a long-term bank loan, Complete this question by entering your answers in the tabs below. Required A Required 81 Required 82 Calculate the working capital, current ratio, and add-test ratio for Tibbetts Company as of September 30, 2019. (Round "Ratio answers to 2 decimal places.) Working capital Current ratio Acid-test ratio RA Required B1 > yrkering your answers in the tabs below. Required A Required 1 Required 82 Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare journal entries for the below transactions. (If no entry is required for a transaction/event, select 'No journal entry required in the first account field.) 1. Credit sales for the year amounted to $312,000. The cost of goods sold was $202,600. 2. Collected accounts receivable, $327,600. 3. Purchased Inventory on account, $218,400. 4. Issued 650 shares of common stock for $23 per share, 5. Wrote off $9,100 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, 526,000. 7. Sold marketable securities costing $33,800 for $40,300 in cash. 8. Recorded insurance expense for the year, $15,600. The premium for the policy was paid in June 2010 9. Borrowed cash on a short-term bank loan, $13,000. 10. Repaid principal of $52,000 and interest of $3.900 on a long-term bank loan Show less View transaction list Journal entry worksheet 2 5 6 1 7 8 Credit sales for the year amounted to $312,000. Complete this question by entering your answers in the tabs below 1 Required A Required 81 Required: 82 nces Indicate the effect of each item on Tibbetts Company's working capital current radio, and add-test ratio. Use for increas,- for decrease, and (NE) for no effect Transaction Event Working Gune Actes Capital Hati Ratio 0. Example: Pald accounts payable $585.000 NE 1. Credit sales for the year amounted to 5.360,000. The cost of goods sold was $234.000 2 Collected accounts receivable, 5378,000 3. Purchased Inventory on account. 5252.000 4. Issued 250 shares of common stock for $54 per share 5. Wrote off $10,600 of uncollectible accounts using the allowance for bad debits 6. Declared and paid a cash dividend, 30.000 7.Sold marketable securities costing 539,000 for 546 500 in cash 8. Recorded insurance expense for the year: 518,000. The premium for the policy was paid in June 2019 9. Borrowed cash on a short-term bank loan, 515,000 10. Repaid principal of 560.000 and interest of $4.500 on a long term bank loan