Taking a closer look at the Balance Sheet- Read Section 3-2A (1. Cash versus other assets, 2. Working Capital, and 3. Total debt versus total liabilities) Then answer the next several questions. The term "working capital" refers to current assets. You can think of those assets as capital that works throughout the year. The term "net" often refers to cases when costs or other items, like liabilities) are subtracted out. So Net Working Capital represent Current Assets net of Current Liabilities. Solve for the net working capital below by following three steps 1. Consider a firm with $555 in Cash, $2,613 in Accounts Receivable, $5,765 in Inventory, $7,545 in Property, Plant and Equipment. Calculate the Current Assets of the firm (be careful about what is included in Current Assets) 2. The same firm has $474 in Accurals, $567 in Accounts Payable, $1,242 in Notes Payable, $8,717 in Long term Debt and $3,268 in Retained Earnings. Calculate the Current Liabilities of the firm (be careful about what is included in Current Liabilities) 3. Now that you have Current Assets and Current Liabilites, use the formula from Section 3-2A to find Net Working Capital o Net Working Capital = Current Assets - Current Liabilities o Include your asnwer in dollars with no decimal example ($5040 or 5040 are both acceptable notation)