A. Accounts receivable turnover rate (10 points) During 2019, Larsen Company's accounts receivable averaged $750,000. Larsen's 2019 income statement reported net sales of $6,780,000, and net income of $768,000. (Assume 365 days in a year.) Using the information, compute the following for Larsen Company: 1. Accounts receivable turnover: (Round to the nearest two decimals.) (5 points) 2. Average number of days to collect accounts receivable (round to nearest day, if necessary) (5 points)

B. Financial assets (15 points) 1. Briefly explain what is meant by the term "financial assets." (5 points) 2. List the three major categories of assets comprising a company's financial assets. For each category, indicate the basis for valuation in the balance sheet. (10 points)