Note: "General & administrative expenses for the year 1 includes impairment of goodwill of $46,816.a. Prepare a comparative income statement for Years 1 and 2 in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place.Enter all amounts as positive numbers.Revenues:Speedway Motorsports, IncComparative Income Statement (in thousands of dollars)For the Years Ended December 31, Year 2 and Year 1AdmissionsEvent-related revenueNASCAR broadcasting revenueOther operating revenueTotal revenueExpenses and other:Direct expense of eventsNASCAR purse and sanction feesOther direct expensesGeneral and administrativeTotal expensesOperating income (loss)Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent$175,560184,800226,68828,952$616,000$110,264120,736118,88893,632$443,520$172,480m%%%%%%%%%%%$177,891169,617206,85036,642$591,000$111,108109,926102,83488,059$411,927$179,073%%%%%%%%%%%PreviousNext The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc.(TRK), owner and operator of several major motor speedways, such as the Atlanta, Bristol, Charlotte, Texas, and Las Vegas Motor Speedways.Revenues:AdmissionsEvent-related revenueNASCAR broadcasting revenueOther operating revenueTotal revenueExpenses and other:Direct expense of eventsNASCAR purse and sanction feesOther direct expensesGeneral and administrativeTotal expensesIncome (loss) from continuing operationsYear 2$175,560184,800226,68828,952$616,000$110,264120,736118,88893,632$443,520$172,480Year 1$177,891169,617206,85036,642$591,000$111,108109,926102,83488,059$411,927$179,073PreviousNext

vertical analysis is the analysis of the financial statements wherein each item of the financial…

The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Bristol, Charlotte, 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 purse and sanction fees Other direct expenses General and administrative Total expenses Income (loss) from continuing operations Year 2 $175,560 184,800 226,688 28,952 $616,000 $110,264 120,736 118,888 93,632 $443,520 $172,480 Year 1 $177,891 169,617 206,850 36,642 $591,000 $111,108 109,926 102,834 88,059 $411,927 $179,073

The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Bristol, Charlotte, 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 purse and sanction fees Other direct expenses General and administrative Total expenses Income (loss) from continuing operations Year 2 $175,560 184,800 226,688 28,952 $616,000 $110,264 120,736 118,888 93,632 $443,520 $172,480 Year 1 $177,891 169,617 206,850 36,642 $591,000 $111,108 109,926 102,834 88,059 $411,927 $179,073

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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