Calculation of Receivables Turnover Ratio

I would like to know if I have correctly identified the correct dollar amounts from the attached financial statements for calculating Receivables Turnover ratio. One of the things I am not certain of is whether I should be working with both the Net Sales Revenues for Dec 31, 2009 and Dec 31, 2008, or with just the Dec 31 2009. If I am not pulling the correct figures, could you help me? This is not homework for submission but I am studying ratios and the financial statements for my final exam at the end of the course.
I've tried searching the internet for these but I have been unable to find information that discusses the ratio in connection with financial statements like the ones attached. One of the requirements in doing the ratios is also knowing exactly which figures to pull from the financial statements, and of course sometimes you may need to combine two or more figures.

For Receivables Turnover Ratio:
Receivables Turnover = Net credit sales / Accounts Receivables:
$33,000,000-$1,000,000/$32,120,000 = .99 or 1.00
or
$51,000,000-$1,000,000/$32,120,000= 1.556 or 1.56
Am I correct on either calculation?

----see attached file for formatted Balance Sheet-----

Balance Sheet
ASSETS December 31, 2009
Cash $20,900,000
Marketable Securities $117,000,000
Accounts Receivable $33,000,000
Less: Allowance for Bad Debts $(880,000)
Net Accounts Receivable $32,120,000

Inventory
Raw Materials $2,000,000
Work-in-process $1,000,000
Finished Goods $5,000,000
Inventory Purchased for Resale $24,000,000
Total Inventory $32,000,000

Plant, Property and Equipment $6,700,000
Less: Accumulated Depreciation $(320,000)
Net Plant, Property and Equipment $6,380,000

Prepaid Expenses $200,000

Goodwill and Other Purchased Intangibles $28,000,000
Less: Amortization $(700,000)
Net Goodwill and Other Purchased Intangibles $27,300,000

Total Assets $235,900,000

LIABILITIES AND OWNERS' EQUITY
Accounts Payable $22,000,000
Accrued Advertising $11,800,000
Other Liabilities and Accrued Expense $1,400,000
Current Portion of Long-Term Debt $2,300,000

Long Term Debt $57,400,000

Preferred Stock, $100 par value per share,
100,000 authorized, 0 shares issued and outstanding $0

Common Stock, $1 par value per share,
250,000,000 shares authorized, 13,000,000 shares
issued, 12,900,000 outstanding $13,000,000

Additional Paid-in-Capital in excess of par value, Common Stock $117,000,000

Treasury Stock $(1,000,000)

Retained Earnings (less Cash Dividends Paid) $12,000,000 $11,000,000

Total Liabilities and Owner's Equity $235,900,000
________________________________________

Income Statement
December 31, 2009 December 31, 2008
Sales Revenues $51,000,000 $10,300,000
Less: Sales Returns $(1,000,000) $(300,000)
Net Sales Revenues $50,000,000 $10,000,000
Less: Cost of Goods Sold $(9,000,000) $(4,000,000)
Gross Profit $41,000,000 $6,000,000

Operating Expenses:
Advertising and Sales $(26,000,000) $(3,000,000)
Depreciation $(160,000)
Salaries and Wages $(1,700,000) $(1,400,000)
Product Development $(4,000,000) $(1,200,000)
Merger and Acquisition Related Costs, including
Amortization of Goodwill and Other Intangibles $(700,000) $0
Total Operating Expenses $(32,560,000)

Income from Continuing Operations Before Income Taxes $8,440,000

Less: Income Taxes at 35% $(2,954,000)
Income from Continuing Operations $5,486,000

Discontinued Operations:
Income from Operations of Discontinued Division
(less applicable income taxes) $350,000
Loss on Disposal of Discontinued Division
(less applicable income taxes) $(150,000)
+Total Gain from Discontinued Operations $200,000

Extraordinary Items:
Loss from fire (less applicable income taxes) $(200,000)
Net Income $5,486,000.