Quantitative Problem: Rosnan Industries' $2019$ and $2018$ balance sheets and income statements are shown below.

Balance Sheets

$20192018$

Assets

Cash and equivalents $$110$ $$95$

Accounts receivable $275300$

Inventories $375250$

Total current assets $$760$ $$645$

Net plant and equipment $2,3001,490$

Total assets $$3,060$ $$2,135$

Liabilities and Equity

Accounts payable $$150$ $$85$

Accruals $7550$

Notes payable $16085$

Total current liabilities $$385$ $$220$

Long$-$term debt $450290$

Common stock $1,2251,225$

Retained earnings $1,000400$

Total liabilities and equity $$3,060$ $$2,135$

Income Statements

$20192018$

Sales $$2,285$ $$1,585$

Operating costs excluding depreciation $1,2501,000$

EBITDA $$1,035$ $$585$

Depreciation and amortization $10075$

EBIT $$935$ $$510$

Interest $6346$

EBT $$872$ $$464$

Taxes $(25\%)218116$

Net income $$654$ $$348$

Dividends paid $$54$ $$48$

Addition to retained earnings $$600$ $$300$

Shares outstanding $100100$

Price $$25\mathrm{.}00$ $$22\mathrm{.}50$

WACC $10\mathrm{.}00\%$

The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess" cash.

What is Rosnan's $2019$ net operating working capital $($NOWC$)?$

$

What is Rosnan's $2019$ net working capital $($NWC$)?$

$