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 $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 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 $100,694 fill in the blank 2f0b9d048fa1049_1% $100,798 fill in the blank 2f0b9d048fa1049_2% Event-related revenue 146,980 fill in the blank 2f0b9d048fa1049_3% 146,849 fill in the blank 2f0b9d048fa1049_4% NASCAR broadcasting revenue 217,469 fill in the blank 2f0b9d048fa1049_5% 207,369 fill in the blank 2f0b9d048fa1049_6% Other operating revenue 31,320 fill in the blank 2f0b9d048fa1049_7% 29,293 fill in the blank 2f0b9d048fa1049_8% Total revenues $496,463 fill in the blank 2f0b9d048fa1049_9% $484,309 fill in the blank 2f0b9d048fa1049_10% Expenses and other: Direct expense of events $104,303 fill in the blank 2f0b9d048fa1049_11% $102,196 fill in the blank 2f0b9d048fa1049_12% NASCAR event management fees 133,682 fill in the blank 2f0b9d048fa1049_13% 128,254 fill in the blank 2f0b9d048fa1049_14% Other direct expenses 19,541 fill in the blank 2f0b9d048fa1049_15% 18,513 fill in the blank 2f0b9d048fa1049_16% General and administrative 177,926 fill in the blank 2f0b9d048fa1049_17% 194,120 fill in the blank 2f0b9d048fa1049_18% Total expenses and other $435,452 fill in the blank 2f0b9d048fa1049_19% $443,083 fill in the blank 2f0b9d048fa1049_20% Income from continuing operations $61,011 fill in the blank 2f0b9d048fa1049_21% $41,226 fill in the blank 2f0b9d048fa1049_22%

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 $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 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 $100,694 fill in the blank 2f0b9d048fa1049_1% $100,798 fill in the blank 2f0b9d048fa1049_2% Event-related revenue 146,980 fill in the blank 2f0b9d048fa1049_3% 146,849 fill in the blank 2f0b9d048fa1049_4% NASCAR broadcasting revenue 217,469 fill in the blank 2f0b9d048fa1049_5% 207,369 fill in the blank 2f0b9d048fa1049_6% Other operating revenue 31,320 fill in the blank 2f0b9d048fa1049_7% 29,293 fill in the blank 2f0b9d048fa1049_8% Total revenues $496,463 fill in the blank 2f0b9d048fa1049_9% $484,309 fill in the blank 2f0b9d048fa1049_10% Expenses and other: Direct expense of events $104,303 fill in the blank 2f0b9d048fa1049_11% $102,196 fill in the blank 2f0b9d048fa1049_12% NASCAR event management fees 133,682 fill in the blank 2f0b9d048fa1049_13% 128,254 fill in the blank 2f0b9d048fa1049_14% Other direct expenses 19,541 fill in the blank 2f0b9d048fa1049_15% 18,513 fill in the blank 2f0b9d048fa1049_16% General and administrative 177,926 fill in the blank 2f0b9d048fa1049_17% 194,120 fill in the blank 2f0b9d048fa1049_18% Total expenses and other $435,452 fill in the blank 2f0b9d048fa1049_19% $443,083 fill in the blank 2f0b9d048fa1049_20% Income from continuing operations $61,011 fill in the blank 2f0b9d048fa1049_21% $41,226 fill in the blank 2f0b9d048fa1049_22%

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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Question

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	$100,694	$100,798
	Event-related revenue	146,980	146,849
	NASCAR broadcasting revenue	217,469	207,369
	Other operating revenue	31,320	29,293
	Total revenues	$496,463	$484,309

Expenses and other:
	Direct expense of events	$104,303	$102,196
	NASCAR event management fees	133,682	128,254
	Other direct expenses	19,541	18,513
	General and administrative	177,926	194,120
	Total expenses and other	$435,452	$443,083
	Income from continuing operations	$61,011	$41,226

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	$100,694	fill in the blank 2f0b9d048fa1049_1%	$100,798	fill in the blank 2f0b9d048fa1049_2%
Event-related revenue	146,980	fill in the blank 2f0b9d048fa1049_3%	146,849	fill in the blank 2f0b9d048fa1049_4%
NASCAR broadcasting revenue	217,469	fill in the blank 2f0b9d048fa1049_5%	207,369	fill in the blank 2f0b9d048fa1049_6%
Other operating revenue	31,320	fill in the blank 2f0b9d048fa1049_7%	29,293	fill in the blank 2f0b9d048fa1049_8%
Total revenues	$496,463	fill in the blank 2f0b9d048fa1049_9%	$484,309	fill in the blank 2f0b9d048fa1049_10%
Expenses and other:
Direct expense of events	$104,303	fill in the blank 2f0b9d048fa1049_11%	$102,196	fill in the blank 2f0b9d048fa1049_12%
NASCAR event management fees	133,682	fill in the blank 2f0b9d048fa1049_13%	128,254	fill in the blank 2f0b9d048fa1049_14%
Other direct expenses	19,541	fill in the blank 2f0b9d048fa1049_15%	18,513	fill in the blank 2f0b9d048fa1049_16%
General and administrative	177,926	fill in the blank 2f0b9d048fa1049_17%	194,120	fill in the blank 2f0b9d048fa1049_18%
Total expenses and other	$435,452	fill in the blank 2f0b9d048fa1049_19%	$443,083	fill in the blank 2f0b9d048fa1049_20%
Income from continuing operations	$61,011	fill in the blank 2f0b9d048fa1049_21%	$41,226	fill in the blank 2f0b9d048fa1049_22%

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