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 Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

Revenues:	Current Year	Previous Year
Admissions	100,694	100,798
Event-Related Revenue	146,980	146,849
NASCAR Broadcasting Revenue	217,469	207,369
Other Operating Revenue	31,320	29,293
Total Revenues	$496,463	$484,309
Expenses and Other
Direct Expense of Events	$104,303	$102,196
NASCAR event mangament fees	133,682	128,254
Other Direct Expenses	19,541	18,513
General and Administrative	177926	194,120
Total Expenses and other	$435,452	$443,083
Income from continuing operations	$61011	$41226

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	$100,694	%	$100,798	%
Event-related revenue	146,980	%	146,849	%
NASCAR broadcasting revenue	217,469	%	207,369	%
Other operating revenue	31,320	%	29,293	%
Total revenues	$496,463	%	$484,309	%
Expenses and other:
Direct expense of events	$104,303	%	$102,196	%
NASCAR event management fees	133,682	%	128,254	%
Other direct expenses	19,541	%	18,513	%
General and administrative	177,926	%	194,120	%
Total expenses and other	$435,452	%	$443,083	%
Income from continuing operations	$61,011	%	$41,226	%

I already answered these questions I just wanted to add them in case they were needed for reference....Answers are all in bold

Overall revenue increased some between the two years, accompanied by a slight change in the overall mix of revenue sources. The NASCAR broadcasting revenue increased by 1.0% of total revenue, while event-related revenue decreased by 0.7% of total revenue. NASCAR event management fees, increased by 0.4%of total revenue. General and administrative expenses, however, decreased by over 4% of total revenue. It appears that aggressive cost cutting has helped the company significantly improve its income from continuing operations.