PA8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4) CCK Beverage Company and Cola Incorporated 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: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance CCK Beverage Company 2018 2017 2016 $ 37,670 $ 41,790 $ 45,780 4,250 4,510 4,730 580 570 560 3,670 3,940 4,170 Cola Inco: 2018 201 $ 76,048 $ 76 7,920 7, 100 7,820 7 Required: 1. Calculate the receivables turnover ratios and days to collect for CCK Beverage Company and Cola Incorporated 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? Which of the companies was quicker to convert its receivables into cash in 2018? CCK Beverage Company Cola Incorporated Which of the companies was quicker to convert its receivables into cash in 2017? Cola Incorporated CCK Beverage Company