PB8-5 Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] Smiley Jams and Sir Tomato are two well-recognized brands at the dinner table. To evaluate their ability to collect on credit sales, consider the following rounded information in their annual reports (amounts in millions) Smiley Jams 2012 Sir Tomato 2012 2011 2013 2011 Fiscal Year Ended April 30 Net Sales Accounts Receivable Allowance for Doubtful Accounts 2013 $7,500 $ 6,850 S6,000 14,300 $ 14,300 22,500 1,183 13 470 466 435 4 946 10 Accounts Receivable, Net of Allowance 431 465 461 990 936 1,170 Required 1. Calculate the receivables turnover ratios and days to collect for Smiley Jams and Sir Tomato for the years ended April 30, 2013 and 2012. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your answers to 1 decimal place Use final rounded answers from Accounts Receivable Turnover Ratio for Days to Collect ratio calculation.) 2013 2012 Smiley Jams Sir Tomato Smiley Jams Sir Tomato Receivables Turnover Ratio Days to Collect 2. Which of the companies is quicker to convert its receivables into cash in years 2012 and 2013? Sir Tomato Smiley Jams