PB8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4) Smiley Jams is well known for its fruit jams and Sir Tomato is the company behind Big Green 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 Smiley Jam 2016 2015 2014 $9,500 $7,390 97,310 621 601 481 2016 2,980 231 Sir Tomato 2015 $ 3,650 242 $18,340 620 600 480 Print eferences Required: 1. Calculate the receivables turnover ratios and days to collect for Smiley Jams and Sir 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 from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) 2015 Smiley Jams Sir Tomato Smiley Jams Sir Tomato Receivables Turnover Ratio Days to Collect h 086 Saved Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 620600 480 230 240 248 Required: 1. Calculate the receivables turnover ratios and days to collect for Smiley Jams and Sir for the fiscal years ended in 201 (Use 365 days in a year. Round your answers to 1 decimal place. Use final rounded answers from Accounts Recei Ratio for Days to Collect ratio calculation.) Book 2016 Smiley Jams 2015 S ir Tomato Sir Tomato Smiley Jams Print ferences Receivables Turnover Ratio Days to Collect 2. Which of the companies is quicker to convert its receivables into cash in 2016? Smiley Jams Sir Tomato