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A firm has a current ratio greater than 1.0. During the course of the year the firm sells $60 million of accounts receivable with limited

A firm has a current ratio greater than 1.0. During the course of the year the firm sells $60 million of accounts receivable with limited recourse. If it had not sold the receivables it would have taken out a short-term loan. The effect of selling the receivables is:

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