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The following are financial data taken from the annual report of Patrick & Sons: Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets

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The following are financial data taken from the annual report of Patrick & Sons: Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) Year 2 $134,448 57,179 37,154 57,504 Year 1 $130,060 52,518 34,180 36,276 A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Patrick & Sons

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