Quantitative Problem: Rosnan Industries' 2018 and 2017 balance sheets and income statements are shown below. Balance Sheets 2018 2017 Assets Cash and equivalents $120 $105 Accounts receivable 275 300 Inventories 375 350 Total current assets $770 $755 Net plant and equipment 2,000 1,490 Total assets $2,770 $2,245 Liabilities and Equity Accounts payable $150 $85 Accruals 75 50 Notes payable 170 195 Total current liabilities $395 $330 Long-term debt 450 290 Common stock 1,225 1,225 Retained earnings 700 400 Total liabilities and equity $2,770 $2,245 Income Statements 2018 2017 Sales $2,000 $1,500 Operating costs excluding depreciation and amortization 1,250 1,000 EBITDA $750 $500 Depreciation and amortization 100 75 EBIT $650 $425 Interest 62 45 EBT $588 $380 Taxes (40%) 235 152 Net income $353 $228 Dividends paid $53 $48 Addition to retained earnings $300 $180 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 2018 net operating working capital (NOWC)? $ What is Rosnan's 2018 net working capital (NWC)?