ixed Asset Turnover Ratio

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:

	End of Year (in millions)			Beginning of Year (in millions)
Property, plant, and equipment		$252,835			$246,498
Less accumulated depreciation		163,549			157,930
Property, plant, and equipment (net)		$ 89,286			$ 88,568

Verizons revenue for the year was $130,863 million. Assume that the fixed asset turnover ratio for the telecommunications industry averages approximately 1.1.

a. Determine Verizons fixed asset turnover ratio. Round to one decimal place. fill in the blank 1