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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. Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations Current Year Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 Previous Year $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 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 $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 % % 1% 1% % % 1% $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 % % % 1% 1% %

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. Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations Current Year Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 Previous Year $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 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 $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 % % 1% 1% % % 1% $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 % % % 1% 1% %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 or several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations Current Year Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 Previous Year $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 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 $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 % % % % % % % % % % % $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 % % % % % % % % % % %
Transcribed Image Text: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 or several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations Current Year Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue Total revenue Expenses and other: Direct expense of events NASCAR event management fees Other direct operating expenses General and administrative Total expenses and other Income from continuing operations $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 Previous Year $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 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 $97,887 149,996 187,495 51,622 $487,000 $95,452 117,854 18,019 202,105 $433,430 $53,570 % % % % % % % % % % % $111,384 154,728 178,920 58,968 $504,000 $97,776 123,480 24,192 232,848 $478,296 $25,704 % % % % % % % % % % %
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