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PRODUCTION ENCYCLOPEDIA 611
MOTION PICTURE COMPANIES
FINANCIAL STATEMENTS
AMERICAN BROADCASTING COMPANY, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEET At December 31, 1951
ASSETS
CURRENT ASSETS:
Cash $ 1,899,579
Accounts receivable — trade (less reserve $89,624) .— 7,747,464
Prepaid insurance, taxes, rent, etc -. 704,261
Total current assets $1 0,351 ,304
FIXED ASSETS, at cost:
Buildings, equipment and leasehold improvements $14,363,639
Less: Reserves for depreciation and amortization ._.. 4,672,222
$ 9,691,417
Land 1 ,882,7 1 6
Construction in progress. 258,161 1 1,832,294
1 NTANCI BLES, at cost 8,756,620
DEFERRED CHARGES 85,709
$31,025,927
LIABILITIES, CAPITAL STOCK AND SURPLUS
CURRENT LIABILITIES:
Accounts payable and accruals $ 5,097,473
Provision for contingent accounts to advertisers 82,474
Accrued Federal income taxes 609,299
Installments of long-term debt due within one year 784,820
Total current liabilities
LONG-TERM DEBT
CAPITAL STOCK AND SURPLUS:
Common stock, par value $1 per share: Authorized — 2,500,000 shares
Issued and outstanding — 1,689,017 shares $ 1,689,017
Paid-in surplus (no change during year) 8,843,976
Earned surplus (not available for dividends under terms of loan agreements) 4,127,940 14,660,933
$31,025,927
CONSOLIDATED INCOME AND EARNED SURPLUS For the Year Ended December 31, 1951
Cross Income from Operations, less discounts and rebates $58,983,129
Cost of Operations:
Operation expenses (including depreciation and amortization of $1,223,484).. $46,118,162
Commissions to advertising agencies __ _ 6,932,102
Selling, general and administrative expenses (including depreciation and
amortization of $46,717) 4,881,674 57,931,938
Profit from Operations $ 1 ,051 ,191
Other Income 38,157
$ 1,089,348
Other Deductions:
Interest on long-term debt $ 341,780
Miscellaneous 5,625 347,405
$ 741,943 Provision for Federal Income Taxes 373,000
Net Income for Year $ 36S.943
Special Credit — adjustment of prior years' depreciation less provision for additional Federal income taxes 131.433
Net Income and Special Credit $ 500,381
Earned Surplus at Dec. 31, 1950 3,627,559
Earned Surplus at Dec. 31, 1951 (not available for dividends under terms of
loan agreements) _ $ 4,127.940