PB8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] J. M. Smucker is well known for its fruit jams and Seneca Foods Corporation is the company behind Green Giant canned vegetables. To evaluate their ability to collect on credit sales, consider the following rounded information in their annual reports (amounts in millions) J. M. Smucker Seneca Foods Fiscal Year Ended April 30: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2014 $7,800 $5,690 $5,610 $1,275$1,290 $1,340 79 2016 2015 2014 2016 2015 451 431 311 78 72 450 430 310 70 Required: 1. Calculate the receivables turnover ratios and days to collect for Smucker and Seneca for the fiscal years ended in 2016 and 2015. (Use 365 days in a year. Round your answers to 1 decimal place. Use final rounded answers fromm Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) 2016 2015 Seneca Smucker Foods SmuckerFoods J.M Seneca J.M Receivables Turnover Ratio Days to Collect 2. Which of the companies is quicker to convert its receivables into cash in 2016? J.M. Smucker Seneca Foods