7

Cloninger Corp. reported the following amounts on its most recent balance sheet:

• Cash and cash equivalents$6,700
• Accounts payable$21,900
• Notes payable$12,500
• Accounts receivable$27,300
• Inventories$25,600

What is the firm's net operating working capital?

Select one:

a. $18,480

b. $25,200

c. $31,900

d. $37,700

e. none of the above