Williams Company is a manufacturer of auto parts having the following financial statements for 2021-2022. Balance Sheet December 31 Cash Accounts receivable. Inventory Total current assets Long-lived assets Total assets Current liabilities Long-term debt Shareholders' equity Total debt and equity 2022 $ 265,000 155,000 390,000 $ 810,000 1,690,000 $ 2,500,000 260,000 900,000 1,340,000 $ 2,500,000 2021 $ 140,000 230,000 180,000 $ 550,000 1,550,000 $ 2,100,000 225,000 850,000 1,025,000 $ 2,100,000 Sales Cost of sales Gross margin Operating expenses* Operating income Taxes Net income Income Statement For the years ended December 31 2022 $ 3,550,000 2021 $ 3,650,000 2,600,000 2,700,000 950,000 950,000 505,000 395,000 445,000 555,000 178,000 194, 250 $ 267,000 $ 360, 750 Net income Plus depreciation expense Cash Flow from Operations + Decrease (-increase) in accounts receivable and inventory + Increase (-decrease) in current liabilities Cash flow from operations 2022 $ 267,000 85,000 (135,000) 35,000 $ 252,000 2021 $ 360, 750 75,000 $ 435, 750 *Operating expenses include depreciation expense. Additional financial information, including industry averages for 2022, where appropriate, includes: Capital expenditures Income tax rate Depreciation expense Dividends Year-end stock price Number of outstanding shares 2022 $ 120,000 40% 2021 $ 150,000 Industry 2022 35% 35.0% $ 85,000 $ 45,000 $ 2.75 1,850,000 $ 75,000 $ 45,000 $ 3 1,850,000 25.00