I ONLY NEED THE PREVIOUS YEARS PERCENTAGES. IT WAS LEFT OFF ON MY LAST SOLUTION. THANKS! 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 42de40ffffa204e_1% $86,949 fill in the blank 42de40ffffa204e_2% Event-related revenue 140,210 fill in the blank 42de40ffffa204e_3% 133,632 fill in the blank 42de40ffffa204e_4% NASCAR broadcasting revenue 216,592 fill in the blank 42de40ffffa204e_5% 209,155 fill in the blank 42de40ffffa204e_6% Other operating revenue 26,780 fill in the blank 42de40ffffa204e_7% 28,622 fill in the blank 42de40ffffa204e_8% Total revenues $461,914 fill in the blank 42de40ffffa204e_9% $458,358 fill in the blank 42de40ffffa204e_10% Expenses and other: Direct expense of events $101,876 fill in the blank 42de40ffffa204e_11% $98,973 fill in the blank 42de40ffffa204e_12% NASCAR event management fees 123,212 fill in the blank 42de40ffffa204e_13% 119,101 fill in the blank 42de40ffffa204e_14% Other direct operating expenses 18,502 fill in the blank 42de40ffffa204e_15% 18,782 fill in the blank 42de40ffffa204e_16% General and administrative 164,949 fill in the blank 42de40ffffa204e_17% 177,132 fill in the blank 42de40ffffa204e_18% Total expenses and other $408,539 fill in the blank 42de40ffffa204e_19% $413,988 fill in the blank 42de40ffffa204e_20% Income from continuing operations $53,375 fill in the blank 42de40ffffa204e_21% $44,370 fill in the blank 42de40ffffa204e_22%
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
I ONLY NEED THE PREVIOUS YEARS PERCENTAGES. IT WAS LEFT OFF ON MY LAST SOLUTION. THANKS!
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.
| Current Year Amount | Current Year Percent | Prior Year Amount | Prior Year Percent | |
| Revenues: | ||||
| Admissions | $78,332 | fill in the blank 42de40ffffa204e_1% | $86,949 | fill in the blank 42de40ffffa204e_2% |
| Event-related revenue | 140,210 | fill in the blank 42de40ffffa204e_3% | 133,632 | fill in the blank 42de40ffffa204e_4% |
| NASCAR broadcasting revenue | 216,592 | fill in the blank 42de40ffffa204e_5% | 209,155 | fill in the blank 42de40ffffa204e_6% |
| Other operating revenue | 26,780 | fill in the blank 42de40ffffa204e_7% | 28,622 | fill in the blank 42de40ffffa204e_8% |
| Total revenues | $461,914 | fill in the blank 42de40ffffa204e_9% | $458,358 | fill in the blank 42de40ffffa204e_10% |
| Expenses and other: | ||||
| Direct expense of events | $101,876 | fill in the blank 42de40ffffa204e_11% | $98,973 | fill in the blank 42de40ffffa204e_12% |
| NASCAR event management fees | 123,212 | fill in the blank 42de40ffffa204e_13% | 119,101 | fill in the blank 42de40ffffa204e_14% |
| Other direct operating expenses | 18,502 | fill in the blank 42de40ffffa204e_15% | 18,782 | fill in the blank 42de40ffffa204e_16% |
| General and administrative | 164,949 | fill in the blank 42de40ffffa204e_17% | 177,132 | fill in the blank 42de40ffffa204e_18% |
| Total expenses and other | $408,539 | fill in the blank 42de40ffffa204e_19% | $413,988 | fill in the blank 42de40ffffa204e_20% |
| Income from continuing operations | $53,375 | fill in the blank 42de40ffffa204e_21% | $44,370 | fill in the blank 42de40ffffa204e_22% |
Common size analysis means where each item of balance sheet is expressed in form of percentage and base will be total assets or total liabilities. In case of income statement , every item is shown as percentage of sales or revenue from operation.
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