Valero Energy's balance sheet showed total current assets of $3,000, all of which were required in operations (i.e., no excess cash). Its current liabilities consisted of $885 of accounts payable, $600 of 6% short-term notes payable to the bank, and $250 of accrued wages and taxes. What was its net operating working capital (NOWC)?

Valero Energy's balance sheet showed total current assets of $3,000, all of which were required in operations (i.e., no excess cash). Its current liabilities consisted of $885 of accounts payable, $600 of 6% short-term notes payable to the bank, and $250 of accrued wages and taxes. What was its net operating working capital (NOWC)?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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