Required: 0. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2022. b. Summarized here are the transactionslevents that took place during the fiscal year ended September 30, 2023. 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 5. Wrote off $9,100 of uncollectible accounts using the allowance for bad debts 6. Declared and paid a cash dividend, $26,000 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 2022 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. 6. Declared and paid a cash dividend, $26,000. 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 2022 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. Calcuiate the working capital, current ratio, and adid-test ratio for Tibbetts Company as of September 30, 2022. Note: Round "Ratio" answers to 2 dedimal places. o Required: 0. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2022. b. Summarized here are the transactionslevents that took place during the fiscal year ended September 30, 2023. 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 5. Wrote off $9,100 of uncollectible accounts using the allowance for bad debts 6. Declared and paid a cash dividend, $26,000 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 2022 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. 6. Declared and paid a cash dividend, $26,000. 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 2022 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. Calcuiate the working capital, current ratio, and adid-test ratio for Tibbetts Company as of September 30, 2022. Note: Round "Ratio" answers to 2 dedimal places. o
