Selected balance sheet accounts for Tibbetts Company on September 30, 2022, are as follows: Cash $ 41,688 Marketable securities 112,088 Accounts receivable, net 143,088 Inventory 162, 588 Prepaid expenses 18,288 Total current assets $ 482,388 Accounts payable $ 81,088 Other accrued liabilities 19,888 Shortterm debt 35,088 Total current liabilities $ 3135:3913 Required: at. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30,2022. b. Summarized here are the transactionsievents 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 acidtest ratio. Use + for increase, - for decrease, and {NE} for no effect. 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 2022. 9. Borrowed cash on a shortterm bank loan, $13,000. 10. Repaid principal of $52,000 and interest of $3,900 on a long-term bank loan. Complete this question by entering your answers in the tabs below. Required A Required Bl Required BE Calculate the working capital, current ratio, and acid-test ratio for Tibbets 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 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 $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 2022. 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. Show less A View transaction list Journal entry worksheet A B C D E F G K > Credit sales for the year amounted to $312,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1(a) Record entry Clear entry View general journalRequired A Required Bl 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, an for no effect. 0. Example: Paid accounts payable, $585,000. . Credit sales for the year amounted to $312,000. The cost of goods sold was $202,800. - - - . Collected accounts receivable, $327,500. - - - . Purchased inventory on account, $218,400. - - - . Issued 550 shares of common stock for $23 per share. - - - . Declared and paid a cash dividend, $26,000. --- . Sold marketable securities costing $33,300 rcr $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 shorttenn bank loan, $13,000. --- 1 2 3 4 5. Wrote oft $9,100 of uncollectible accounts using the allowance for bad debts. - - - 6 ."l' 8 9 1 0. Repaid principal of $52,000 and interest of $3,900 on a longterm bank loan. ---