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Fizzy Sodas and Hayes Companies are two of the largest and most successful beverage companies in the world in terms of the products that they

Fizzy Sodas and Hayes Companies are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following rounded amounts reported in their annual reports (amounts in millions).
Fiscal Year Ended: Fizzy Sodas Hayes Companies
201820172016201820172016
Net Sales $ 34,360 $ 38,090 $ 43,560 $ 68,495 $ 69,260 $ 65,350
Accounts Receivable 4,0504,3104,4907,5207,4407,110
Allowance for Doubtful Accounts 530520510100130140
Accounts Receivable, Net of Allowance 3,5203,7903,9807,4207,3106,970
Required:
1. Calculate the receivables turnover ratios and days to collect for Fizzy Sodas and Hayes Companies for 2018 and 2017.
2-a. Which of the companies was quicker to convert its receivables into cash in 2018?
2-b. Which of the companies was quicker to convert its receivables into cash in 2017?
Calculate the receivables turnover ratios and days to collect for Fizzy Sodas and Hayes Companies for 2018 and 2017.(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.)

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