Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows Cu Merkelle tunities Arts Percivable at Tattery Trepid wp Total Pvt sets Aarents wol. Other red libilities Shutter det Tutel rurat lisbilities $10.000 135.000 105.000 107.600 21.000 $6,500 $12.000 11.600 2.000 $121.600 Required: .. Calculate the working capital 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 entres 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 $360,000. The cost of goods sold was $234,000 2 Coilected accounts receivable. 5378,000 3 Purchased Inventory on account, $252,000. 4. Issued 750 shares of common stock for $27 per share 5 Wrote off S10,500 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $30.000 7 Sold marketable secunties costing $39,000 for $46,500 in cash 8 Recorded insurance expense for the year, $18,000. The premium for the policy was paid in June 2019, 9 Borrowed cash on a short-term bank loan $15,000 10 Repaid principal of $60,000 and Interest of $4.500 on a long-term bank loan Contatti bonus 2. Corted dccounts receivable, $378,000, 3. Purchased Inventory on account, $252,000 4. Issued 750 shares of common stock for $27 per share 5. Wrote off $10,500 of uncollectible accounts using the allowance for bad debts 6. Declared and paid a cash dividend, $30,000 7 Sold marketable securities costing $39.000 for $46,500 in cash 8. Recorded insurance expense for the year, $18,000. The premium for the policy was paid in June 2019. 9. Borrowed cash on a short-term bank loan $15,000. 10 Repaid principal of $60,000 and interest of $4,500 on a long-term bank loan Complete this question by entering your answers in the tabs below. cos Required A Required B1 Required 82 Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2019. (Round "Ratio" answers to 2 decimal places.) Working capital Current ratio Acid-test ratio Domu Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare journal entries or the below transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) - Credit sales for the year amounted to $360,000. The cost of goods sold was $234,000. 2. Collected accounts receivable, $378,000. 3. Purchased inventory on account, $252,000. 4. Issued 750 shares of common stock for $27 per share. 5. Wrote off $10,500 of uncollectible accounts using the allowance for bad debts. 5. Declared and paid a cash dividend, $30,000. 7. Sold marketable securities costing $39,000 for $46,500 in cash, B. Recorded insurance expense for the year, $18,000. The premium for the policy was paid in June 2019. 9. Borrowed cash on a short-term bank loan, $15,000. 10. Repaid principal of $60,000 and interest of $4,500 on a long-term bank loan. Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 - 11 > Credit sales for the year amounted to $360,000. Note: Enter debits before credits General Journal Debit Credit Transaction 1a) 8. Recorded insurance expense for the year, $18.000. The premium for the policy was paid in June 2019. 9. Borrowed cash on a short-term bank loan, $15.000 10. Repaid principal of $60,000 and interest of $4,500 on a long-term bank loan Complete this question by entering your answers in the tabs below. Required A Required 81 Required B2 Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and add-test ratio. Use + for increase, - for decrease, and (NE) for no effect. Transaction/Event Acid-Test Working Capital NE Current Ratio Ratio 0 Example Paid accounts payable, 5585.000 1. Credit sales for the year amounted to $360,000. The cost of goods sold was $234.000 2 Collected accounts receivable, $378,000 3. Purchased inventory on account, 5252,000 4. Issued 250 shares of common stock for 554 per share 5. Wrote af $10,500 of uncollectible accounts using the alowance for bad debts 6. Declared and paid a cash dividend, 530,000 7. Sold marketable securities costing $30,000 for $46,500 in cash a Recorded insurance expense for the year, 518,000. The premium for the policy was paid in June 2019 9 Borrowed cash on a short-term bank loan $15,000 16 Repaid principal of 560,000 and interest of $4.500 on a long term bank loan