Quantitative Problem: Rosnan Industries' 2019 and 2018 balance sheets and income statements are shown below. Balance Sheets 2019 2018 Assets Cash and equivalents $60 $45 Accounts receivable 275 300 Inventories 375 250 Total current assets $710 $595 Net plant and equipment 2,300 1,490 Total assets $3,010 $2,085 $85 SO 35 Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity $150 75 110 $335 450 1,225 1,000 $3,010 $170 290 1,225 400 $2,085 Income Statements 2018 Sales Operating costs excluding depreciation EBITDA Depreciation and amortization EBIT Interest EBT Taxes (25%) Net Income 2019 $2,285 1,250 $1,035 100 $935 63 $872 218 $654 $1,585 1,000 $585 75 $510 46 $464 116 $348 Retained earnings Total liabilities and equity 1,000 $3,010 400 $2,085 Income Statements Sales Operating costs excluding depreciation EBITDA Depreciation and amortization EBIT Interest EBT Taxes (25%) Net income 2019 $2,285 1,250 $1,035 100 $935 63 $872 218 $654 2018 $1,585 1,000 $585 75 $510 46 $464 116 $348 Dividends paid Addition to retained earnings $54 $600 $48 $300 Shares outstanding 100 100 Price $25.00 $22.50 WACC 10.00% The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess" cash. What is Roshan's 2019 net operating working capital (NOWC)? 5 What is Rosnan's 2019 net working capital (NWC)? S