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Nabors, Inc. 2008 Income Statement ($ in millions) Net Sales $9,610 Less: Cost of goods sold 6,310 Less: Depreciation 1,370 Earnings before interest and taxes

Nabors, Inc. 2008 Income Statement ($ in millions)
Net Sales $9,610
Less: Cost of goods sold 6,310
Less: Depreciation 1,370
Earnings before interest and taxes 1,930
Less: Interest Paid 630
Taxable Income $1,300
Less: Taxes 455
Net income $845
Nabors, Inc. 2007 and 2008 Balance Sheets ($ in millions)
2007 2008 2007 2008
Cash $ 310 $ 405 Accounts payable $ 2,720 $ 2,570
Accounts rec. 2,640 3,055 Notes payable 100 0
Inventory 3,275 3,850 Total $ 2,820 $ 2,570
Total $ 6,225 $ 7,310 Long-term debt 7,875 8,100
Net fixed assets 10,960 10,670 Common stock 5,000 5,250
Retained earnings 1,490 2,060
Total assets $17,185 $17,980 Total liab & equity $17,185

$17,980

what is the change in the net working capital from 2007to 2008?

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