Selected balance sheet accounts for Tibbetts Company on September 30, 2022, 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 Required: $ 38,400 108,000 132,000 150,000 16,800 $ 445,200 $ 81,000 19,800 36,000 $136,800 a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 20 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 20 entries for the below transactions and indicate the effect of each item on Tibbetts Company's working capital acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $288,000. The cost of goods sold was $187,200. 2. Collected accounts receivable, $302,400. 3. Purchased inventory on account, $201,600. 4. Issued 600 shares of common stock for $22 per share. 5. Wrote off $8,400 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $24,000. 7. Sold marketable securities costing $31,200 for $37,200 in cash. 8. Recorded insurance expense for the year, $14,400. The premium for the policy was paid in June 2022. 9. Borrowed cash on a short-term bank loan, $12,000. 10. Repaid principal of $48,000 and interest of $3,600 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 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. Working capital Current ratio Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2022. b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2023. Pre entries for the below transactions and indicate the effect of each item on Tibbetts Company's working capital, curre acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $288,000. The cost of goods sold was $187,200. 2. Collected accounts receivable, $302,400. 3. Purchased inventory on account, $201,600. 4. Issued 600 shares of common stock for $22 per share. 5. Wrote off $8,400 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $24,000. 7. Sold marketable securities costing $31,200 for $37,200 in cash. 8. Recorded insurance expense for the year, $14,400. The premium for the policy was paid in June 2022. 9. Borrowed cash on a short-term bank loan, $12,000. 10. Repaid principal of $48,000 and interest of $3,600 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 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. Working capital Current ratio: Acid-test ratio Required A Required B1 > Required A Required B1 Required B2 Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2023. Prepare journal entries for the below transactions. Note: 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 $288,000. The cost of goods sold was $187,200. 2. Collected accounts receivable, $302,400. 3. Purchased inventory on account, $201,600. 4. Issued 600 shares of common stock for $22 per share. 5. Wrote off $8,400 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $24,000. 7. Sold marketable securities costing $31,200 for $37,200 in cash. 8. Recorded insurance expense for the year, $14,400. The premium for the policy was paid in June 2022. 9. Borrowed cash on a short-term bank loan, $12,000. 10. Repaid principal of $48,000 and interest of $3,600 on a long-term bank loan. View transaction list Journal entry worksheet A C D E B F G H..... K Credit sales for the year amounted to $288,000. Note: Enter debits before credits. Transaction 1(a) General Journal Debit Credit Record entry Clear entry View general journal Show less A Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 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. Transaction/Event 0. Example: Paid accounts payable, $585,000 1. Credit sales for the year amounted to $288,000. The cost of goods sold was $187,200. Working Current Acid-Test Capital Ratio Ratio NE 2. Collected accounts receivable, $302,400. 3. Purchased inventory on account, $201,600. 4. Issued 600 shares of common stock for $22 per share. 5. Wrote off $8,400 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $24,000. 7. Sold marketable securities costing $31,200 for $37,200 in cash. 8. Recorded insurance expense for the year, $14,400. The premium for the policy was paid in June 2022 9. Borrowed cash on a short-term bank loan, $12,000. 10. Repaid principal of $48,000 and interest of $3,600 on a long-term bank loan < Required B1 Required 82>