Verizon: Fixed 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 regard fixed assets: Beginning of Year (in miltions) End of Year (in millions) Property, plant, and equipment Accumulated depreciation Property, plant, and equipment (net) Verizon's revenue for the year was $120,550 million. Assume 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.) 220,865 $209,575 (131,909) (120,933) 88,956 $88,642 Verizon( 1.3)X 1.3 X b. Verizon is using its fixed assets more-emciently in generating revenues than the industry as a whole. Check My Work Partially correct