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Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for the two recent fiscal years was adapted from the
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for the 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. Revenues: Admissions Current Year Previous Year $104,304 $117,856 Event-related revenue 142,680 146,304 NASCAR broadcasting revenue 189,420 180,340 Other operating revenue 55,596 63,500 Total revenue $492,000 $508,000 Expenses and other: Direct expense of events $98,400 $106,172 NASCAR purse and sanction fees 119,556 128,016 Other direct expenses 19,188 16,764 General and administrative 201,228 233,172 Total expenses and other $438,372 Income from continuing operations $53,628 $484,124 $23,876 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.
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