Selected balance sheet accounts for Tibbetts Company on September 30, 2016, 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 $482,300 $126,000 30.800 56.000 $212.800 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2016. (Round "Ratio" answers to 2 decimal places.) Working capital Current ratio Acid-test ratio $ 269,500 2.27 1.50 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2017 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 2017 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. bove transactions. If no entry is required for a transaction event, ser"No journal entry required in the first account feld 0216 meducation.com/hm.tw b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2017 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 2016 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. b-1. Prepare journal entries for the above transactions. (If no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet
