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 colo ine. 2015 2014 2013 $35,419 531,490 532.444 3,151 56 52 4,439 3,767 soda coo 2015 2014 2013 558,338 $43.732 543.751 3,794 145 91 71 6,332 4,633 Required: 1. Calculate the receivables turnover ratios and clays 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 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) 2015 Cola Inc. Soda Co. Cols Inc 2014 Soda Co. Receivables Turnover Ratio Days to collect 2. Which of the companies is quicker to convert its receivables into cash? O Cola Inc Sodaco