Vertical Analysis of Income StatementThe 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 motorspeedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.Revenues:AdmissionsEvent-related revenueNASCAR broadcasting revenueOther operating revenueTotal revenueExpenses and other:Direct expense of eventsNASCAR event management feesOther direct operating expensesGeneral and administrativeTotal expenses and otherIncome from continuing operationsCurrent Year$95,918145,082181,23259,768$482,000$96,882124,83826,028182,196$429,944$52,056Previous Year$107,967151,351170,57863,104$493,000$103,530124,23619,227216,920$463,913$29,087 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 31Current Year Amount Current Year PercentRevenues:AdmissionsEvent-related revenueNASCAR broadcasting revenueOther operating revenueTotal revenueExpenses and other:Direct expense of eventsNASCAR event management feesOther direct operating expensesGeneral and administrativeTotal expenses and otherIncome from continuing operations$95,918145,082181,23259,768$482,000$96,882124,83826,028182,196$429,944$52,056%%%%%%%%%%%Prior Year Amount Prior Year Percent$107,967151,351170,57863,104$493,000$103,530124,23619,227216,920$463,913$29,087%%%%%%%%%%%

Income Statement :— It is one of the financial statement that shows profitability of company during…

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 Calvin Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. 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 $95,918 145,082 181,232 59,768 $482,000 $96,882 124,838 26,028 182,196 $429,944 $52,056 Previous Year $107,967 151,351 170,578 63,104 $493,000 $103,530 124,236 19,227 216,920 $463,913 $29,087

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 Calvin Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. 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 $95,918 145,082 181,232 59,768 $482,000 $96,882 124,838 26,028 182,196 $429,944 $52,056 Previous Year $107,967 151,351 170,578 63,104 $493,000 $103,530 124,236 19,227 216,920 $463,913 $29,087

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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