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

Cash $ $41,600$

Marketable securities $117,000$

Accounts receivable, net $143,000$

Inventory $162,500$

Prepaid expenses $18,200$

Total current assets $ $482,300$

Accounts payable $ $90,000$

Other accrued liabilities $22,000$

Short$-$term debt $40,000$

Total current liabilities $ $152,000$

Required:

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

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 $$312,000.$ The cost of goods sold was $$202,800.$

Collected accounts receivable, $$327,600.$

Purchased inventory on account, $$218,400.$

Issued $650$ shares of common stock for $$23$ per share.

Wrote off $$9,100$ of uncollectible accounts using the allowance for bad debts.

Declared and paid a cash dividend, $$26,000.$

Sold marketable securities costing $$33,800$ for $$40,300$ in cash.

Recorded insurance expense for the year, $$15,600.$ The premium for the policy was paid in June $2022.$

Borrowed cash on a short$-$term bank loan, $$13,000.$

Repaid principal of $$52,000$ and interest of $$3,900$ on a long$-$term bank loan.