PA8-5 (Static) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4) Coca-Cola and PepsiCo 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 2018 $ 31,860 3,890 490 3,400 Coca-Cola 2017 $ 35,410 4,150 480 3,670 2016 $ 41,860 4,330 470 3,860 2018 $ 64,660 7,240 100 7,140 PepsiCo 2017 $ 63,525 7,155 130 7,025 2016 $ 62,800 6,835 135 6,700 Required: 1. Calculate the receivables turnover ratios and days to collect for Coca-Cola and PepsiCo 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? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Calculate the receivables turnover ratios and days to collect for Coca-Cola and PepsiCo 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.) 2018 2017 Coca-Cola Coca-Cola PepsiCo PepsiCo Receivables Turnover Ratio Days to collect 41.0 41.0