PB8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Smiley Jams Incorporated is well known for its fruit jams and Sir Tomato Manufacturing is the company behind Green Glant canned vegetables. To evaluate their ability to collect on credit sales, consider the following rounded information in their annual reports (amounts in millions). Fiscal Year Ended April 30: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance. Required: Smiley Jams 2019 $ 7,870 2018 $ 7,530 2017 $ 7,560 2019 $1,370 Sir Tomato 2018 $1,330 2017 677 2 675 556 1 555 610 102 2 1 175 1 $ 1,430 90 1 608 101 174 89 1. Calculate the receivables turnover ratios and days to collect for Smiley Jams and Sir Tomato for the fiscal years ended in 2019 and 2018. 2. Which of the companies is quicker to convert its receivables into cash? Required 1 Required 2 Calculate the receivables turnover ratios and days to collect for Smiley Jams and Sir Tomato for the fiscal years ended in 2019 and 2018. (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.) Receivables Turnover Ratio Days to Collect 2019 2018 Smiley Jams Sir Tomato Smiley Jams Sir Tomato Required 1 Required 2 >