Applying Excel 11: Accounts receivable turnover Which of the following formulas correctly calculates accounts receivable turnover for 2022? Hint: Remember that Excel uses the order of operations. PARENTHESES then EXPONENTS then MULTIPLICATION and DIVISION then ADDITION and SUBTRACTION. Use parentheses around any calculations in either the numerator or denominator. 1 2 Comparative Income Statements For Years Ended December 31, 2023-2020 3 2023 2022 4 Net sales $318,000 $284,000 2021 $247,000 2020 $174,000 5 Cost of goods sold 143,000 254,000 161,000 149,000 6 Gross margin 175,000 30,000 86,000 25,000 7 Operating expenses 8 Net income 114,000 14,000 39,000 11,000 $61,000 $16,000 $47,000 $14,000 9 10 11 12 13 Cash Comparative Balance Sheets For Years Ended December 31, 2023-2020 2023 2022 2021 2020 $56,000 $4,000 $30,000 $18,000 14 Accounts receivable, net 15 Merchandise inventory 16 Plant assets, net 17 Total assets 18 19 Current liabilities 20 Long-term liabilities 21 Common stock 89,000 80,000 69,000 49,000 36,000 89,000 40,000 52,000 130,000 120,000 100,000 90,000 $311,000 $293,000 $239,000 $209,000 $43,000 $76,000 $48,000 $45,000 100,000 110,000 100,000 120,000 30,000 30,000 30,000 30,000 22 Retained earnings 138,000 77,000 61,000 14,000 23 Total liabilities and equity $311,000 $293,000 $239,000 $209,000 Multiple Choice =+C4/SUM(C14:D14)/2 =+C4/AVERAGE(C14:D14) =+C4/AVERAGE(B14:C14) =AVERAGE(C14:D14)/+C4