Which of the following formulas correctly calculates the return on total assets for 2023? 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. Multiple Choice=+B8/AVERAGE(B17:C17)=AVERAGE(B17:C17)/+B8=+B8/SUM(B17:C17)/2=+B8/SUM(B17:C17/2) 12344Net salesA56 Gross marginCost of goods sold7 Operating expenses8 Net income910111213 Cash14 Accounts receivable, net15 Merchandise inventory16 Plant assets, net17 Total assets1819 Current liabilities20 Long-term liabilities21 Common stock22 Retained earnings23 Total liabilities and equity24DComparative Income StatementsFor Years Ended December 31, 2023-202020222021$284,000$247,000254,000161,00030,00086,000B2023$318,000143,000175.000114,000$61,000C2023$56,00089,00036,000130,000$311,000$43,000100,00030,000138,000$311,00014,000$16,000Comparative Balance SheetsFor Years Ended December 31, 2023-202020222021$4,000$30,00080,00069,00089,00040,000120,000100,000$293,000$239,00039,000$47,000$76,000110,00030,00077,000$293,000$48,000100,00030,00061,000$239,000E2020$174,000149,00025,00011,000$14,0002020$18,00049,00052,00090,000$209,000$45,000120,00030,00014,000$209,000

Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or strategist to read the company information in more detailed end-accurate ways.Ratio immediately recognizes the Liquidity, Profitability, and Solvency of the company.By using ratio analysis comparison between two companies can also be done very easily and accurately.The following formulas correctly calculates the return on total assets for 2023 - =+B8/AVERAGE(B17:C17) Explanation - Formula for calculating return on Assets is = = Net Income / Average Total Assets. Net income for 2023 is in the cell B8 and we have to calculate average of total assets of 2023 and 2022 hence AVERAGE(B17:C17) formula used. Result - Other Options - Other Options are incorrect as per calculation provided.