Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Required: a. Calculate the working capitat, current ratio, and acid-test ratio for Tibbetts Company as of September 30,2019. b. Summarized here are the transactions/events that took place during the fiscal year ended September 30,2020 . 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 $264,000. The cost of goods sold was $171,600. 2. Collected accounts recelvable, $277,200. 3. Purchased inventory on account, $184,800. 4. Issued 550 shares of common stock for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $22,000. 7. Sold marketable securities costing $28,600 for $34,100 in cash. 8. Recorded insurance expense for the year, $13,200. The premium for the policy was paid in June 2019 . 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repaid principal of $44,000 and interest of $3,300 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Required: a. Calculate the working capltal, current ratio, and acid-test ratio for Tibbetts Company as of September 30,2019. b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare journal entries for the below transactions and Indicate the effect of each liem on Tibbetts Company's working caplal, current ratio, and add-test ratio. Use + for increase, - for decrease, and (NE) for no effect. 1. Credit soles for the year amounted to $264,000. The cost of goods sold was $171,600. 2. Collected accounts recelvable, $277,200. 3. Purchased inventory on account, $184,800. 4. Issued 550 shares of common stock for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts. 6. Declared and pald a cash dividend, $22,000. 7. Sold marketable securities costing $28,600 for $34,100 in cash. 8. Recorded insurance expense for the year, $13,200. The premlum for the policy was paid in June 2019. 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repald principal of $44,000 and Interest of $3,300 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Calculete the working capital, current ratio, and acid-test ratio for nibbetts Company as of September 30, 2019. (Round "Ratio" answers to 2 decimal places.) Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare joumal entries for the below transactions. (tr 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 $264,000. The cost of goods sold was $171,600. 2. Collected accounts recelvable, $277,200. 3. Purchased inventory on account, $184,800. 4. Issued 550 shares of common stod for $20 per shere. 5. Wrote off $7,700 of uncollectibie accounts using the alliowance for bad debts. 6. Declared and poid a cash dividend, $22,000. 7. Sold marketable securtibes conting $22,600 for $34,100 in onsh. 8. Recorded insurance expense for the yeac, 513,200 . The premlum for the policy was paid in June 2019. 9. Borrowed cash on a shorteterm bent loan, $11,000. 10. Fepald principal of $44,000 and interest of $3,300 on a long-term bank lonn. Show less a 3. Purchased inventory on account, $184,800. 4. Issued 550 shares of common stock for $20 per share. 5. Wrote off $7,700 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $22,000. 7. Sold marketable securities costing $28,600 for $34,100 in cash. 8. Recorded insurance expense for the year, $13,200. The premlum for the policy was paid in June 2019. 9. Borrowed cash on a short-term bank loan, $11,000. 10. Repaid principal of $44,000 and interest of $3,300 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Indicate the effect of each item on nibbetts Company's working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect