CP8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions). Mathis 2011 Fiscal Year Ended: Net Sales 2012 2010 2011 S3,402 $3,268 $3.422 2012 2010 $5,256 $4,731 $5,318 Accounts Receivable Allowance for Doubtful Accounts 1,138 19 614 29 744 870 23 962 28 1,042 30 Accounts Receivable, Net of Allowance 1,119 847 934 1,012 585 1. Calculate the receivables turnover ratios and days to collect for Mathis and Hashey for 2012 and 2011 TIP: In your calculations, use average Accounts Receivable, Net of Allowance. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) 2012 2011 Mathis Mathis Receivables Tumover Ratio Days to Collect 2-a. Which of the companies was quicker to convert its receivables into cash in 2012? Mathis 2-b. Which of the companies was quicker to convert its receivables into cash in 2011? Mathis