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PB8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Sir Tomato Manufacturing Is well known for Its frult
PB8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Sir Tomato Manufacturing Is well known for Its frult jams and Smiley Jams Incorporated is the company behind Green Glant canned vegetables. To evaluate thelr ability to collect on credit sales, consider the following rounded Information in their annual reports (amounts in millions). Requlred: 1. Calculate the recelvables turnover ratios and days to collect for Sir Tomato and Smiley Jams for the fiscal years ended In 2019 anc 2018. 2. Which of the companles is quicker to convert its recelvables into cash? Calculate the receivables turnover ratios and days to collect for Sir Tomato and Smiley Jams 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.)
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