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The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner
The following comparative income statement (in thousands of dollars) for two recent fiscal 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.
Current Year | Previous Year | |||||||
Revenues: | ||||||||
Admissions | $78,332 | $86,949 | ||||||
Event-related revenue | 140,210 | 133,632 | ||||||
NASCAR broadcasting revenue | 216,592 | 209,155 | ||||||
Other operating revenue | 26,780 | 28,622 | ||||||
Total revenues | $461,914 | $458,358 | ||||||
Expenses and other: | ||||||||
Direct expense of events | $101,876 | $98,973 | ||||||
NASCAR event management fees | 123,212 | 119,101 | ||||||
Other direct operating expenses | 18,502 | 18,782 | ||||||
General and administrative | 164,949 | 177,132 | ||||||
Total expenses and other | $408,539 | $413,988 | ||||||
Income from continuing operations | $53,375 | $44,370 |
a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. (Note: Due to rounding, amounts may not total 100%).
Round your percentages to one decimal place.
Speedway Motorsports, Inc. | ||||
Comparative Income Statement (in thousands of dollars) | ||||
For the Years Ended December 31 | ||||
Current Year Amount | Current Year Percent | Prior Year Amount | Prior Year Percent | |
Revenues: | ||||
Admissions | $78,332 | fill in the blank 0a522a07e01f010_1% | $86,949 | fill in the blank 0a522a07e01f010_2% |
Event-related revenue | 140,210 | fill in the blank 0a522a07e01f010_3% | 133,632 | fill in the blank 0a522a07e01f010_4% |
NASCAR broadcasting revenue | 216,592 | fill in the blank 0a522a07e01f010_5% | 209,155 | fill in the blank 0a522a07e01f010_6% |
Other operating revenue | 26,780 | fill in the blank 0a522a07e01f010_7% | 28,622 | fill in the blank 0a522a07e01f010_8% |
Total revenues | $461,914 | fill in the blank 0a522a07e01f010_9% | $458,358 | fill in the blank 0a522a07e01f010_10% |
Expenses and other: | ||||
Direct expense of events | $101,876 | fill in the blank 0a522a07e01f010_11% | $98,973 | fill in the blank 0a522a07e01f010_12% |
NASCAR event management fees | 123,212 | fill in the blank 0a522a07e01f010_13% | 119,101 | fill in the blank 0a522a07e01f010_14% |
Other direct operating expenses | 18,502 | fill in the blank 0a522a07e01f010_15% | 18,782 | fill in the blank 0a522a07e01f010_16% |
General and administrative | 164,949 | fill in the blank 0a522a07e01f010_17% | 177,132 | fill in the blank 0a522a07e01f010_18% |
Total expenses and other | $408,539 | fill in the blank 0a522a07e01f010_19% | $413,988 | fill in the blank 0a522a07e01f010_20% |
Income from continuing operations | $53,375 | fill in the blank 0a522a07e01f010_21% | $44,370 | fill in the blank 0a522a07e01f010_22% |
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