Use this balance sheet and income statement for the first year of operations for Layton Novelties to answer the following question. Use ending balances whenever average balances are required for computing ratios. 
The total amount of working capital for Layton Novelties is
Definitions:
Federal Minimum Wage
The lowest legal wage that employers can pay their employees, as established by federal law in the United States.
Congress
The legislative assembly in the United States, incorporating the Senate and the House of Representatives as its two divisions.
Downsizing
The process of reducing the size of a company by eliminating staff positions, often to improve efficiency or reduce costs.
Cash Crop
A crop produced primarily for sale rather than for the farmer's own use, often generating significant income for farmers and economies, examples include tobacco, cotton, and sugar cane.
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