Vertical Analysis of Income Statement

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

a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round to one decimal place. Enter all amounts as positive numbers. b. While overall revenue some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue as a percent of total revenue by 3 percentage points, while the percent of admissions revenue to total revenue by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of Current Year Previous Year Revenues: \begin{tabular}{lrr} Admissions & $91,200 & $103,110 \\ Event-related revenue & 135,840 & 139,935 \\ NASCAR broadcasting revenue & 186,720 & 176,269 \\ Other operating revenue & 66,240 & 71,686 \\ \cline { 2 - 2 } & $480,000 & $491,000 \\ \hline \end{tabular} Expenses and other: \begin{tabular}{|c|c|c|} \hline Direct expense of events & $95,520 & $99,182 \\ \hline NASCAR event management fees & 116,160 & 122,259 \\ \hline Other direct operating expenses & 20,640 & 17,185 \\ \hline General and administrative & 199,200 & 229,297 \\ \hline Total expenses and other & $431,520 & $467,923 \\ \hline come from continuing operations & $48,480 & $23,077 \\ \hline \end{tabular}