he 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. Current Year Previous Year Revenues: Admissions $107,576 $121,032 Event-related revenue 138,040 142,188 NASCAR broadcasting revenue 175,168 166,296 Other operating revenue 55,216 62,484 Total revenue $476,000 $492,000 Expenses and other: Direct expense of events $98,056 $97,908 NASCAR purse and sanction fees 114,240 123,492 Other direct expenses 23,324 15,252 General and administrative 180,880 226,320 Total expenses and other $416,500 $462,972 ncome from continuing operations $59,500 $29,028 . 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. Calvin 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 $107,576 $121,032 Event-related revenue 138,040 142,188
he 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. Current Year Previous Year Revenues: Admissions $107,576 $121,032 Event-related revenue 138,040 142,188 NASCAR broadcasting revenue 175,168 166,296 Other operating revenue 55,216 62,484 Total revenue $476,000 $492,000 Expenses and other: Direct expense of events $98,056 $97,908 NASCAR purse and sanction fees 114,240 123,492 Other direct expenses 23,324 15,252 General and administrative 180,880 226,320 Total expenses and other $416,500 $462,972 ncome from continuing operations $59,500 $29,028 . 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. Calvin 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 $107,576 $121,032 Event-related revenue 138,040 142,188
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
Current Year
Previous Year
Revenues:
Admissions
$107,576
$121,032
Event-related revenue
138,040
142,188
NASCAR broadcasting revenue
175,168
166,296
Other operating revenue
55,216
62,484
Total revenue
$476,000
$492,000
Expenses and other:
Direct expense of events
$98,056
$97,908
NASCAR purse and sanction fees
114,240
123,492
Other direct expenses
23,324
15,252
General and administrative
180,880
226,320
Total expenses and other
$416,500
$462,972
Income from continuing operations
$59,500
$29,028
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.
Calvin 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
$107,576
$121,032
%
Event-related revenue
138,040
%
142,188
%
NASCAR broadcasting revenue
175,168
%
166,296
%
Other operating revenue
55,216
%
62,484
%
Total revenue
$476,000
%
$492,000
%
Expenses and other:
Direct expense of events
$98,056
%
$97,908
%
NASCAR purse and sanction fees
114,240
%
123,492
%
Other direct expenses
23,324
%
15,252
%
General and administrative
180,880
%
226,320
%
Total expenses and other
$416,500
%
$462,972
%
Income from continuing operations
$59,500
%
$29,028
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb70c4797-9104-47ad-8e68-22beb89abcaa%2F13f634e2-2243-4052-8ca4-3b7c457b4738%2F77jfqzm_processed.png&w=3840&q=75)
Transcribed Image Text: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.
Current Year
Previous Year
Revenues:
Admissions
$107,576
$121,032
Event-related revenue
138,040
142,188
NASCAR broadcasting revenue
175,168
166,296
Other operating revenue
55,216
62,484
Total revenue
$476,000
$492,000
Expenses and other:
Direct expense of events
$98,056
$97,908
NASCAR purse and sanction fees
114,240
123,492
Other direct expenses
23,324
15,252
General and administrative
180,880
226,320
Total expenses and other
$416,500
$462,972
Income from continuing operations
$59,500
$29,028
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.
Calvin 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
$107,576
$121,032
%
Event-related revenue
138,040
%
142,188
%
NASCAR broadcasting revenue
175,168
%
166,296
%
Other operating revenue
55,216
%
62,484
%
Total revenue
$476,000
%
$492,000
%
Expenses and other:
Direct expense of events
$98,056
%
$97,908
%
NASCAR purse and sanction fees
114,240
%
123,492
%
Other direct expenses
23,324
%
15,252
%
General and administrative
180,880
%
226,320
%
Total expenses and other
$416,500
%
$462,972
%
Income from continuing operations
$59,500
%
$29,028
%
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education