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., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions $116,034 $130,239 Event-related revenue 151,562 163,621 NASCAR broadcasting revenue 192,662 185,394 Other operating revenue 29,902 26,951 Total revenues $490,160 $506,205 Expenses and other: Direct expense of events $101,402 $106,204 NASCAR purse and sanction fees 122,950 120,146 Other direct expenses 18,908 20,352 General and administrative 183,215 241,223 Total expenses and other $426,475 $487,925 Income from continuing operations $63,685 $18,280 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

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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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., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

				Current Year		Previous Year
Revenues:
	Admissions	$116,034			$130,239
	Event-related revenue	151,562			163,621
	NASCAR broadcasting revenue	192,662			185,394
	Other operating revenue	29,902			26,951
		Total revenues	$490,160			$506,205

Expenses and other:
	Direct expense of events	$101,402			$106,204
	NASCAR purse and sanction fees	122,950			120,146
	Other direct expenses	18,908			20,352
	General and administrative	183,215			241,223
		Total expenses and other	$426,475			$487,925
Income from continuing operations	$63,685			$18,280

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