Softee Sodas and Patterson Beverage Company are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following rounded amounts reported in their annual reports (amounts in millions) Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2018 $ 42,160 4,490 640 3,850 Softee Sodas 2017 5:46,340 4,810 630 4,180 2016 $ 48,600 5,030 620 4.410 Patterson Beverage Company 2018 2017 2016 $ 85,696 $ 86,240 $ 22 8,400 8,310 7,5 100 130 8,300 8,180 7. Required: 1. Calculate the receivables turnover ratios and days to collect for Softee Sodas and Patterson Beverage Company for 2018 and 201 2-a. Which of the companies was quicker to convert its receivables into cash in 2018? 2-b. Which of the companies was quicker to convert its receivables into cash in 2017? Softee Sodas and Patterson Beverage Company are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their ability to collect on credit sales, consider the following rounded amounts reported in their annual reports (amounts in millions) Fiscal Year Ended: Net Sales Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 2018 $ 42,160 4,490 640 3,850 Softee Sodas 2017 5:46,340 4,810 630 4,180 2016 $ 48,600 5,030 620 4.410 Patterson Beverage Company 2018 2017 2016 $ 85,696 $ 86,240 $ 22 8,400 8,310 7,5 100 130 8,300 8,180 7. Required: 1. Calculate the receivables turnover ratios and days to collect for Softee Sodas and Patterson Beverage Company for 2018 and 201 2-a. Which of the companies was quicker to convert its receivables into cash in 2018? 2-b. Which of the companies was quicker to convert its receivables into cash in 2017