Compute Kingbirds accounts receivable turnover for the year under two scenarios. In the first scenario, assume the receivables are sold as described above. In the second scenario, assume Kingbird does not factor the receivables. (Round answers to 2 decimal places, e.g. 52.70.)

Practice Exercise 7-5 (Part Level Presented below is information for Kingbird, Inc. for 2017 1. Beginning-of-the-year Accounts Receivable balance was $183,000. Net sales for the year were $1,725,000. $170,000 of the sales were cash sales. Kingbird does not offer cash discounts for early payment. . Collections on accounts receivable during the year were $1,497,000. Kingbird plans to factor accounts receivable totaling $70,000 at the end of the year. Kingbird will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $2,500. Your answer is correct. Prepare the journal entry to record the sale of the receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Cick if you weuld Ske to Shew Work fer this question Open Show Work Attempts: 1 of 3 used Your answer is incorrect. Try again. Compute Kingbird's accounts receivable turnover for the year under two scenarios. In the first scenario, assume the receivables are sold as described above. In the second scenario, assume Kingbird does not factor the receivables. (Round answers to 2 decimal places, e.g. 52.70.) Accounts receivable turnover Click if you