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Vertical Analysis of Income Statement

The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

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a. Prepare a comparative income statement for Years 1 and 2 in vertical form, stating each item as a percent of revenues. Round percentage answers to one decimal place. Enter all amounts as positive values.

Speedway Motorsports, Inc.
Comparative Income Statement (in thousands of dollars)
For the Years Ended Year 2 and Year 1
Year 2 amount	Year 2 percent	Year 1 amount	Year 1 percent
Revenues:
Admissions	$ 130239	% Correct 11 of Item 1	$ 139125	% Correct 13 of Item 1
Event-related revenue	163621	% Correct 16 of Item 1	156691	% Correct 18 of Item 1
NASCAR broadcasting revenue	185394	% Correct 21 of Item 1	178722	% Correct 23 of Item 1
Other operating revenue	26591	% Correct 26 of Item 1	27705	% Correct 28 of Item 1
Total revenue	$ 505845	% Correct 31 of Item 1	$ 502243	% Correct 33 of Item 1
Expenses and other:
Direct expense of events	$ 106204	% Correct 37 of Item 1	$ 100843	% Correct 39 of Item 1
NASCAR purse and sanction fees	120146	% Correct 42 of Item 1	120273	% Correct 44 of Item 1
General and administrative	89384	% Correct 47 of Item 1	85717	% Correct 49 of Item 1
Depreciation and amortization	54004	% Correct 52 of Item 1	52762	% Correct 54 of Item 1
Other expenses	118187	% Correct 57 of Item 1	71563	% Correct 59 of Item 1
Total expenses and other	$ 487925	% Correct 62 of Item 1	$ 431158	% Correct 64 of Item 1
Income from continuing operations before taxes	$ 17920	% Correct 67 of Item 1	$ 71085	% Correct 69 of Item 1