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Determine Verizon fixed asset turnover ratio

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Problem - Fixed asset turnover ratio

Verizon Communications is a major telecommunications company in the United States. Verizon's balance sheet disclosed the following information regarding fixed assets:

 

Dec. 31, 2009 (in millions)

Dec. 31, 2008 (in millions)

Plant, property, and equipment

$228,518

$215,605

Less accumulated depreciation

137,052

129,059

 

$ 91,466

$ 86,546

Verizon's revenue for 2009 was $107,808 million. The fixed asset turnover for the telecommunications industry averages 1.10.

Required -

a. Determine Verizon's fixed asset turnover ratio. Round to two decimal places.

b. Interpret Verizon's fixed asset turnover ratio.

Reference no: EM132682238

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