Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash $ 41,600 Marketable securities 117,000 Accounts receivable, net Inventory Prepaid expenses 143,000 162,500 18,200 Total current assets $482,300 Accounts payable Other accrued liabilities Short-term debt $126,000 30,800 56,eee Total current liabilities $212,800 Required: a. 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 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 $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 2019. 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. Answer is not complete. 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, 2019. (Round "Ratio" answers to 2 decimal places.) Working capital $ 299,900 X Current ratio 2.84 X Acid-test ratio 1.65 Required A Required B1 >