Williams Company is a manufacturer of auto parts having the following financial statements for 2021-2022. Cash Accounts receivable Inventory Total current assets Long-lived assets Total assets Current liabilities Long-term debt Shareholders' equity Total debt and equity Sales Cost of sales Gross margin Operating expenses* Operating income Taxes Net income Balance Sheet December 31 2022 $ 274,000 164,000 399,000 $ 837,000 1,780,000 $ 2,617,000 368,000 900,000 1,349,000 $ 2,617,000 Income Statement For the years ended December 31 2822 $ 3,640,000 2,780,000 860,000 514,000 346,000 121,100 $ 224,900 2021 $ 149,000 239,000 189,000 $ 577,000 1,640,000 $ 2,217,000 315,000 940,000 962,000 $ 2,217,000 Cash Flow from Operations 2021 $ 3,740,000 2,880,000 860,000 296,000 564,000 197,400 $366,600 2022 $ 224,900 130,000 (135,000) 2021 $ 366,600 120,000 Net income Plus depreciation expense + Decrease (-increase) in accounts receivable and inventory + Increase (-decrease) in current liabilities Cash flow from operations *Operating expenses include depreciation expense. Additional financial information, including industry averages for 2022, where appropriate, includes: 53,000 $ 272,900 $ 486,600 Capital expenditures Income tax rate Depreciation expense Dividends Year-end stock price Number of outstanding shares Sales multiplier Free cash flow multiplier Earnings multiplier Cost of capital Accounts receivable turnover Inventory turnover Lurrent ratio Quick ratio Cash flow from operations ratio Free cash flow ratio Gross margin percentage Return on assets (net book value) Return on equity Book value of equity Market value of equity Discounted free cash flows Enterprise value 2022 $ 170,000 35% Multiples-based valuation Earnings multiple Free cash flow multiple Sales multiple $ 130,000 $36,000 $ 3.65 1,940,000 5% 2021 $ 240,000 35% $ 120,000 $ 36,000 $4 1,940,000 5% Industry 2022 35.0% 25.00 1.50. 18.00 9.00 11.10 10.50 2.36 1.98 Required: Develop a business valuation for Williams Company for 2022 using the following methods: (1) book value of equity. (2) market value of equity, (3) discounted cash flow (DCF), (4) enterprise value, and (5) all the multiples-based valuations for which there is an industry average multiplier. For the calculation of the DCF valuation, you may use the simplifying assumption that free cash flows will continue indefinitely at the amount in 2022. 1.20 1.10 30.0% 20.0% 30.0%