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Smiley Jams and Sir Tomato are two well-recognized brands at the dinner table. To evaluate...

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Accounting

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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). Smily Jams12013 2012 201 Sir Tomato Fiscal Year Ended April 30 Net Sales 2013 2012 $7.160 6,700 $5.400 S12,800 $12,800 $ 16,500 17 1,100 410 Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance 373 407 403 930 870 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.) Smiley Jams Sir Tomato Smiley Jams Sir Tomato Receivables Turnover Ratio Days to Collect Which of the companies is quicker to convert its receivables into cash in years 2012 and 2013? Sir Tomato O Smiley Jams

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