The balance sheets and income statements for Orion Media follow: ASSETS Current assets: Cash and cash...
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The balance sheets and income statements for Orion Media follow: ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories, net Prepaid expenses Syndicated programs Deferred income taxes TOTAL CURRENT ASSETS Property and equipment: Consolidated Balance Sheets December 31, 2021 and December 31, 2020 (in thousands) Land and land improvements Buildings and building improvements Equipment Less accumulated depreciation Net property and equipment Syndicated programs Goodwill Broadcast licenses Other intangible assets, net. Deferred income taxes Other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation Accrued employee benefits Deferred revenue Accrued income taxes Syndicated programs Other current liabilities Current portion of long-term liabilities TOTAL CURRENT LIABILITIES Accrued employee benefits Syndicated programs Long-term notes payable to banks Other long-term liabilities. Shareholders' equity: Common stock TOTAL LIABILITIES Consolidated Balance Sheets - continued December 31, 2021 and December 31, 2020 (in thousands) Additional paid-in capital Accumulated other comprehensive loss Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITY $ Total revenue Operating costs and expenses: Broadcasting Publishing Total operating costs and expenses Selling and administrative expenses Broadcast license impairment Total expenses Operating earnings Other income and expense: Interest income Interest (expense) Total other income and expense Earnings before income taxes Provision for income taxes Net earnings 4,000 200,000 15,000 8,000 $ 21,000 9,500 10,000 3,000 240,000 65,000 240,000 290,000 595,000 157,500 437,500 10,000 100,000 130,000 45,000 40,000 5,000 $1,007,500 2021 33,000 7,400 11,000 20,000 300 148,150 45,950 130,000 5,000 264,350 10,000 557,500 1,600 598,000 2021 Consolidated Income Statement Years Ended December 31, 2021 and December 31, 2020 (in thousands) (174,600) 25,000 450,000 $1,007,500 2021 $980,000 205,000 346,400 551,400 310,000 2,000 863,400 116,600 1,000 (12,000) (11,000) 105,600 42,300 $ 63,300 $ $ 20,600 10,000 60,000 250,000 300,000 610,000 152,000 458,000 25,000 65,000 150,000 40,000 120,000 10,000 $1,058,000 30,000 5,500 15,000 17,000 200 136,700 38,400 120,000 6,000 320,000 15,300 598,000 1,500 600,000 (100,000) (41,500) 460,000 $1,058,000 $850,000 Compute the company's current ratio for 2021 (round to the nearest hundredths, e.g. 1.23). 2020 185,000 224,190 409,190 315,000 3,000 150,000 10,800 9,000 14,000 3,200 190,000 6,000 730,190 119,810 670 (11,000) (10,330) 109,480 43,000 $ 66,480 2020 2020 The balance sheets and income statements for Orion Media follow: ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories, net Prepaid expenses Syndicated programs Deferred income taxes TOTAL CURRENT ASSETS Property and equipment: Consolidated Balance Sheets December 31, 2021 and December 31, 2020 (in thousands) Land and land improvements Buildings and building improvements Equipment Less accumulated depreciation Net property and equipment Syndicated programs Goodwill Broadcast licenses Other intangible assets, net. Deferred income taxes Other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation Accrued employee benefits Deferred revenue Accrued income taxes Syndicated programs Other current liabilities Current portion of long-term liabilities TOTAL CURRENT LIABILITIES Accrued employee benefits Syndicated programs Long-term notes payable to banks Other long-term liabilities. Shareholders' equity: Common stock TOTAL LIABILITIES Consolidated Balance Sheets - continued December 31, 2021 and December 31, 2020 (in thousands) Additional paid-in capital Accumulated other comprehensive loss Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITY $ Total revenue Operating costs and expenses: Broadcasting Publishing Total operating costs and expenses Selling and administrative expenses Broadcast license impairment Total expenses Operating earnings Other income and expense: Interest income Interest (expense) Total other income and expense Earnings before income taxes Provision for income taxes Net earnings 4,000 200,000 15,000 8,000 $ 21,000 9,500 10,000 3,000 240,000 65,000 240,000 290,000 595,000 157,500 437,500 10,000 100,000 130,000 45,000 40,000 5,000 $1,007,500 2021 33,000 7,400 11,000 20,000 300 148,150 45,950 130,000 5,000 264,350 10,000 557,500 1,600 598,000 2021 Consolidated Income Statement Years Ended December 31, 2021 and December 31, 2020 (in thousands) (174,600) 25,000 450,000 $1,007,500 2021 $980,000 205,000 346,400 551,400 310,000 2,000 863,400 116,600 1,000 (12,000) (11,000) 105,600 42,300 $ 63,300 $ $ 20,600 10,000 60,000 250,000 300,000 610,000 152,000 458,000 25,000 65,000 150,000 40,000 120,000 10,000 $1,058,000 30,000 5,500 15,000 17,000 200 136,700 38,400 120,000 6,000 320,000 15,300 598,000 1,500 600,000 (100,000) (41,500) 460,000 $1,058,000 $850,000 Compute the company's current ratio for 2021 (round to the nearest hundredths, e.g. 1.23). 2020 185,000 224,190 409,190 315,000 3,000 150,000 10,800 9,000 14,000 3,200 190,000 6,000 730,190 119,810 670 (11,000) (10,330) 109,480 43,000 $ 66,480 2020 2020
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Related Book For
Introductory Financial Accounting For Business
ISBN: 9781260575309
2nd Edition
Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds
Posted Date:
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