The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and opera- tor of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions $ 90,639 $ 100,694 Event-related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue 60,390 31,320 $ 496,463 Total revenues $ 512,156 Expenses and other: Direct expense of events NASCAR event management fees $(102,786) $(104,303) (137,727) (133,682) Other direct expenses (43,784) (19,541) (285,166) $(542,692) $ (46,229) General and administrative (166,663) Total expenses and other Income from continuing operations $(450,960) $ 61,196 a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place. b. Comment on the significant changes.

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Chapter1: Financial Statements And Business Decisions
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Chapter 14 Financial Statement Analysis
EX 14-2 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. (TRK), owner and opera-
tor of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.
Obj. 2
Va. Current fiscal year
income from continuing
operations, 11.9% of
revenues
Current Year
Previous Year
Revenues:
SHO
Admissions
$ 90,639
$ 100,694
EXCEL TEMPLATE
REAL WORLD
Event-related revenue
136,900
146,980
NASCAR broadcasting revenue
224,227
217,469
Other operating revenue
60,390
31,320
Total revenues
$ 512,156
$ 496,463
Expenses and other:
Direct expense of events
NASCAR event management fees
Other direct expenses
$ (102,786)
$ (104,303)
(137,727)
(133,682)
(19,541)
(285,166)
$ (542,692)
$ (46,229)
(43,784)
General and administrative
(166,663)
Total expenses and other
Income from continuing operations
$ (450,960)
$ 6 1,196
a. Prepare a comparative income statement for these two years in vertical form, stating each item
as a percent of revenues. Round percentages to one decimal place.
b.
Comment on the significant changes.
SHO
Obj. 2
EX 14-3 Common-sized income statement
Va. Tannenhill net
Revenue and expense data for the current calendar year for Tannenhill Company and for the ry
Tlu oloctronics industry
Transcribed Image Text:728 Chapter 14 Financial Statement Analysis EX 14-2 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. (TRK), owner and opera- tor of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Obj. 2 Va. Current fiscal year income from continuing operations, 11.9% of revenues Current Year Previous Year Revenues: SHO Admissions $ 90,639 $ 100,694 EXCEL TEMPLATE REAL WORLD Event-related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue 60,390 31,320 Total revenues $ 512,156 $ 496,463 Expenses and other: Direct expense of events NASCAR event management fees Other direct expenses $ (102,786) $ (104,303) (137,727) (133,682) (19,541) (285,166) $ (542,692) $ (46,229) (43,784) General and administrative (166,663) Total expenses and other Income from continuing operations $ (450,960) $ 6 1,196 a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place. b. Comment on the significant changes. SHO Obj. 2 EX 14-3 Common-sized income statement Va. Tannenhill net Revenue and expense data for the current calendar year for Tannenhill Company and for the ry Tlu oloctronics industry
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