Formulas for calculating Ratios: Net IncomeAvg. Shareholder's Equity Current Assets Current Liabilities Net Income/Sales Revenue Cost of Goods Sold /Average Inventory Receivable Gross P Sales Revenue /Average Accounts /Sales Revenue Select the appropriate formula from above and calculate Boston Beers AccountsRecewable Turnover Rato for 2005. Then select the correct answer BALANCE SNEET n homad 2004 5 ,000 5280000 5 205,000 1.1.7 times 220 times 3.18 times 4.0.5 times QUESTION 12 po Net sales is calculated by 1.Subtracting cost of sales from sales. o 2 Subtracting sales returns and sales discounts from sales. 3.Subtracting sales returns, cost of sales, and sales discounts from sales. o 4.Subtracting gross profit from sales