EX 9-23 Fixed asset turnover ratio
Verizon Communications is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets:
| Year 2 | Year 1 | |
| (in millions) | (in millions) | |
| Plant, property, and equipment | $211,655 | $229,743 |
| Less accumulated depreciation | 123,944 | 137,758 |
| $ 87,711 | $ 91,985 |
Verizon’s revenue for Year 2 was $106,565 million. Assume the fixed asset turnover for the telecommunications industry averages approximately 1.10.
a. Determine Verizon’s fixed asset turnover ratio for Year 2. Round to two decimal places.
b. Interpret Verizon’s fixed asset turnover ratio.
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