Selected balance sheet accounts for Tibbetts Company on September $30,2019,$ are as follows: Cash $$48,000$ Marketable securities $87,000$ Accounts receivable, net $129,000$ Inventory $135,000$ Prepaid expenses $21,000$ Total current assets $$420,000$ Accounts payable $$147,000$ Other accrued liabilities $33,000$ Short$-$term debt $60,000$ Total current liabilities $$240,000$ Required: Calculate the working capital, current ratio, and acid$-$test ratio for Tibbetts Company as of September $30,2019.$ Summarized here are the transactions$/$events that took place during the fiscal year ended September $30,2020.$ 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. $[$Hint: It may be helpful to use the horizontal model or to record the journal entry$($ies$)$ for each item before considering the effects on liquidity measures.$]$Page $424$ Transaction$/$Event Working Capital Current Ratio Acid$-$Test Ratio Example: Paid accounts payable, $$585,000.$ Credit sales for the year amounted to $$360,000.$ The cost of goods sold was $$234,000.$ Collected accounts receivable, $$378,000.$ Purchased inventory on account, $$252,000.$ Issued $250$ shares of common stock for $$54$ per share. Wrote off $$10,500$ of uncollectible accounts using the allowance for bad debts. Declared and paid a cash dividend, $$30,000.$ Sold marketable securities costing $$39,000$ for $$46,500$ in cash. Recorded insurance expense for the year, $$18,000.$ The premium for the policy was paid in June $2019.$ Borrowed cash on a short$-$term bank loan, $$15,000.$ Repaid principal of $$60,000$ and interest of $$4,500$ on a long$-$term bank loan