Balance Sheets: 2013 2012 Cash and equivalents Accounts receivable Inventories $110 275 375 $760 2,000 $2,760 $95 300 350 $745 1,490 $2,235 Total current assets Net plant and equipment Total assets Accounts payable Accruals Notes payable $150 75 160 $385 450 1,225 700 $2,760 $85 50 185 $320 290 1,225 400 $2,235 Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Income Statements: 2013 2012 Sales Operating costs excluding depreciation EBITDA Depreciation and amortization EBIT Interest EBT Taxes (40%) Net income $2,000 1,250 $750 100 $650 62 $588 235 $353 $1,500 1,000 $500 75 $425 45 $380 152 $228 Dividends paid Addition to retained earnings $53 $48 $300 $180 Shares outstanding Price WACC 100 $25.00 10.00% 100 $22.50 The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess cash What is Rosnan's 2013 net operating working capital (NOWC)? What is Rosnan's 2013 net working capital (NWC)