The balance in the firm's cash and equivalents account is needed for operations and is not considered "excess" cash. What is Rosnan's 2013 net operating working capital (NOWC)?

Quantitative Problem: Rosnan industries 2015 and 2012 balance sheets and income statements are shown below Balance Sheets: 2013 2012 Cash and equivalents Accounts receivable Inventories $60 275 375 $710 2,000 $2,710 300 350 $695 1,490 $2,185 Total current assets Net plant and equipment Total assets Accounts payable Accruals Notes payable $150 75 110 $335 450 1,225 700 $2,710 $85 135 $270 290 1,225 400 $2,185 Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Income Statements: 2013 2012 Sales Operating costs excluding depreciation EBITDA Depreciation and amortization EBIT Interest EBT Taxes (40%) Net income $2,000 1,250 $750 100 $650 62 $588 235 $353 $1,500 1,000 $500 75 $425 45 $380 152 $228 Dividends paid Addition to retained earnings $53 $48 $300 $180 Shares outstanding Price WACC 100 $25.00 10.00% 100 $22.50