Selected balance sheet accounts for Tibbetts Company on September $30,2022,$ are as follows:

Cash $ $44,800$

Marketable securities $126,000$

Accounts receivable, net $154,000$

Inventory $175,000$

Prepaid expenses $19,600$

Total current assets $ $519,400$

Accounts payable $ $99,000$

Other accrued liabilities $24,200$

Short$-$term debt $44,000$

Total current liabilities $ $167,200$

Required:

Calculate the working capital, current ratio, and acid$-$test ratio for Tibbetts Company as of September $30,2022.$

Note: Round "Ratio" answers to $2$ decimal places.

Summarized here are the transactions$/$events 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.

Credit sales for the year amounted to $$336,000.$ The cost of goods sold was $$218,400.$

Collected accounts receivable, $$352,800.$

Purchased inventory on account, $$235,200.$

Issued $700$ shares of common stock for $$25$ per share.

Wrote off $$9,800$ of uncollectible accounts using the allowance for bad debts.

Declared and paid a cash dividend, $$28,000.$

Sold marketable securities costing $$36,400$ for $$43,400$ in cash.

Recorded insurance expense for the year, $$16,800.$ The premium for the policy was paid in June $2022.$

Borrowed cash on a short$-$term bank loan, $$14,000.$

Repaid principal of $$56,000$ and interest of $$4,200$ on a long$-$term bank loan.Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid$-$test ratio. Use $+$ for increase, $-$ for decrease, ar

for no effect.