Problem:
Universal Financial, Inc. has total current assets of $1,200,000; long-term debt of $600,000; total current liabilities of $500,000; and long-term assets of $800,000. How much is the firm's net working capital? Explain in detail and also show all work please provide step by step solution.
A) $1,000,000
B) $900,000
C) $600,000
D) $700,000