Cloninger Corp. reported the following amounts on its most recent balance sheet:
- Cash and cash equivalents $6,700
- Accounts payable $21,900
- Notes payable $12,500
- Accounts receivable $27,300
- Inventories $25,600
What is the firm's net operating working capital?
Select one:
a. $18,480
b. $25,200
c. $31,900
d. $37,700
e. none of the above