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Verizon Communications Inc. is a major telecommunications company in the United States.
Verizon's balance sheet disclosed the following information regarding fixed assets:
Dec. 31, 2004
(in millions)
Dec. 31,2003
Plant, property, and equipment
$185,522
$180,940
Less accumulated depreciation
111,398
105,638
$ 74,124
$ 75,302
Verizon's revenue for 2004 was $71,283 million. The fixed asset turnover for the telecommuni- cations industry averages 1.10.
a. Determine Verizon's fixed asset turnover ratio.
b. Interpret Verizon's fixed asset turnover ratio.
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