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

Balance Sheets
	2019	2018
Assets
Cash and equivalents	$120	$105
Accounts receivable	275	300
Inventories	375	250
Total current assets	$770	$655
Net plant and equipment	2,300	1,490
Total assets	$3,070	$2,145
Liabilities and Equity
Accounts payable	$150	$85
Accruals	75	50
Notes payable	170	95
Total current liabilities	$395	$230
Long-term debt	450	290
Common stock	1,225	1,225
Retained earnings	1,000	400
Total liabilities and equity	$3,070	$2,145

Income Statements
	2019	2018
Sales	$2,285	$1,585
Operating costs excluding depreciation	1,250	1,000
EBITDA	$1,035	$585
Depreciation and amortization	100	75
EBIT	$935	$510
Interest	63	46
EBT	$872	$464
Taxes (25%)	218	116
Net income	$654	$348
Dividends paid	$54	$48
Addition to retained earnings	$600	$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 Rosnan's 2019 net operating working capital (NOWC)?

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