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Problem - Given - Select Financial Data for The Tribune Company and The Washington Post Company (amounts in millions, except per-share amounts)
Tribune
Washington Post
2007
2006
Sales
$5,063
$5,444
$4,180
$3,905
Net income (loss) before interest and taxes
$619
$1,085
$505
$544
Net income (loss)
$87
$594
$289
$324
Current assets
$1,385
$1,346
$995
$935
Total assets
$13,150
$13,401
$6,005
$5,381
Current liabilities
$2,190
$2,549
$1,013
$812
Total liabilities
$16,664
$9,081
$2,543
$2,222
Retained earnings (deficit)
$(3,474)
$3,138
$4,330
$4,120
Common shares outstanding
239
307
10
Market price per share
$45.04
$58.69
$759.25
$711.53
Source - The Tribune Company, Form 10-K for the Fiscal Year Ended December 30, 2007, and The Washington Post Company, Form 10-K for the Fiscal Year Ended December 30, 2007.
Required -
1. Compute Altman's Z-score for Tribune Company and Washington Post for fiscal 2006 and 2007.
2. How did the bankruptcy risk of Tribune Company change between fiscal 2006 and 2007? Explain.
3. How did the bankruptcy risk of Washington Post change between fiscal 2006 and 2007? Explain.
4. The Tribune Company filed Chapter 7 bankruptcy in December 2008. Using the analysis from Requirements b and c, would you have predicted The Tribune Company or The Washington Post Company to file bankruptcy? Explain.
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