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J. M. Smucker is well known for its fruit jams and Seneca Foods Corporation is the company behind Green Giant canned vegetables. To evaluate
J. M. Smucker is well known for its fruit jams and Seneca Foods Corporation is the company behind Green Giant canned vegetables. To evaluate their ability to collect on credit sales, consider the following rounded information in their annual reports (amounts in millions). J. M. Smucker Seneca Foods Fiscal Year Ended April 30: 2016 2015 2014 2016 2015 2014 Net Sales $7,800 $5,690 $5,610 $ 1,275 $ 1,290 $ 1,340 Accounts Receivable 451 431 311 78 72 79 Allowance for Doubtful Accounts 1 1 1 1 Accounts Receivable, Net of Allowance 450 430 310 77 70 77 Required: 1. Calculate the receivables turnover ratios and days to collect for Smucker and Seneca for the fiscal years ended in 2016 and 2015. (Use 365 days in a year. Round your answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.)
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