The King Mattress Company had the following operating results for 2018-2019. In addition, the company paid dividends in both 2018 and 2019 of $60,600 per year and made capital expenditures in both years of $30,000 p year. The company's stock price in 2018 was $8 and $7 In 2019. The Industry average earnings multiple for the mattress Industry was 9 In 2019 and the free cash flow and sales multiples were 18 and 1.5, respectively. The company is publicly owned and has 1,800,000 shares of outstanding stock at the end of 2019. Cash Balance Sheet, Dec 31, 2019 2018 $ 342,000 $ 102,000 Accounts Receivable Inventory Total Current Assets Long-lived Assets Total Assets Current Liabilities Long-term Debt Shareholder Equity Total Debt and Equity $ 352,000 $ 402,000 $ 252,000 $ 302,000 $ 946,000 $ 806,000 1,100,000 1,120,000 $2,046,000 $1,926,000 $ 202,000 $ 302,000 602,000 502,000 1,242,000 1,122,000 $2,046,000 $1,926,000 Income Statement, for year ended Dec 31, Sales 2019 $4,760,000 2018 $4,510,000 Cost of Sales 4,108,000 4,008,000 Gross Margin 652,000 502,000 Operating Expenses 351,000 401,000 Operating Income 301,000 101,000 Taxes 120,400 Net Income $ 180,600 $ 40,400 60,600 Cash Flow From Operations Net Income Plus Depreciation Expense + Decrease (-inc) in AccRec. and Inv. + Increase (-dec) in Cur. Liabl. Cash Flow from Operations 2019 $ 180,600 50,000 100,000 (100,000) 2018 $ 60,600 50,000 $ 230,600 $110,600 The accounts receivable turnover ratio for 2019 Is (rounded):