Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 10, Problem 24E
Verizon Communications Inc. is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets:
Verizon’s revenue for the year was $131,620 million. Assume that the fixed asset turnover ratio for the telecommunications industry averages approximately 1.1.
- a. Determine Verizon’s fixed asset turnover ratio. Round to one decimal place.
- b.
Interpret this ratio with respect to the industry average.
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Chapter 10 Solutions
Financial Accounting
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