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 Interest $935 63 $510 46 EBT Taxes (25%) Net income $872 $464 218 116 $654 $348 Dividends paid $54 $48 Addition to retained earnings $600 $300 Shares outstanding Price WACC 100 100 $25.00 $22.50 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)? What is Rosnan's 2019 net working capital (NWC)? $