For the year just ended, James' Drafting Supplies had average accounts receivable of $880,000 and total credit sales of $4,800,000. Throughout the year, a factor purchased accounts receivable from the firm at a 2% discount. What was the firm's days in receivables?
A) 61 days
B) 65 days
C) 67 days
D) 71 days
E) 74 days
Correct Answer:
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