Quantitative Problem: Rosnan Industries' 2013 and 2012 balance sheets and income statements are shown below. Balance Sheets: 2013 2012 Cash and equivalents $110 $95 Accounts receivable 275 300 Inventories 375 350 Total current assets Net plant and equipment $760 2,000 $2,760 $745 1,490 $2,235 Total assets $150 $85 75 50 160 185 $385 $320 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity 450 290 1,225 1,225 700 400 $2,760 $2,235 Income Statements: 2013 2012 Sales Operating costs excluding depreciation EBITDA Depreciation and amortization $2,000 1,250 $750 100 $1,500 1,000 $500 75 EBIT $425 $650 62 45 Interest EBT $588 $380 Taxes (40%) 235 152 Net income $353 $228 Dividends paid Addition to retained earnings $53 $300 $48 $180 100 100 Shares outstanding Price $22.50 $25.00 10.00% WACC 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)? What is Rosnan's 2013 net working capital (NWC)