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Verizon communications is a major telecommunications

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

Verizon's revenue for 2007 was $93,469 million. The fixed asset turnover for the telecommunications industry averages 1.10.

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

(b) Interpret Verizon's fixed asset turnover ratio.

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Accounting Basics: Verizon communications is a major telecommunications

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