PA8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4) Cola Inc. and Soda Co. 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 Cola Inc. 2015 2014 2013 $38,319 $34,190 $34,944 4,558 3,873 3,201 54 61 57 4,504 3,812 3,144 Soda Co. 2015 2014 2013 $60,838 $46,432 $46,251 6,527 4,774 3,844 96 76 6,377 4,678 3,768 150 Required: 1. Calculate the receivables turnover ratios and days to collect for Cola Inc. and Soda Co. for 2015 and 2014. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Trnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) 2015 Cola Inc. Soda Co. 2014 Cola Inc. Soda Co. Receivables Turnover Ratio Days to collect 2. Which of the companies is quicker to convert its receivables into cash? O Cola Inc. O Soda Co