Business, 05.05.2020 05:11 byrdkellykellybyrd
The following comparative income statement (in thousands of dollars) for the 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.
1
Current Year
Previous Year
2
Revenues:
3
Admissions
$116,034.00
$130,239.00
4
Event-related revenue
151,562.00
163,621.00
5
NASCAR broadcasting revenue
192,662.00
185,394.00
6
Other operating revenue
29,902.00
26,951.00
7
Total revenue
$490,160.00
$506,205.00
8
Expenses and other:
9
Direct expense of events
$101,402.00
$106,204.00
10
NASCAR purse and sanction fees
122,950.00
120,146.00
11
Other direct expenses
18,908.00
20,352.00
12
General and administrative
183,215.00
241,223.00
13
Total expenses and other
$426,475.00
$487,925.00
14
Income from continuing operations
$63,685.00
$18,280.00
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. Rounding instructions (Note: Due to rounding, amounts may not total 100%).
B. Comment on the significant changes.
Income Statement
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. Rounding instructions (Note: Due to rounding, amounts may not total 100%).
Speedway Motorsports, Inc.
Comparative Income Statement (in thousands of dollars)
For the Years Ended December 31
1
Current Year
Current Year
Previous Year
Previous Year
2
Amount
Percent
Amount
Percent
3
Revenues:
4
Admissions
$116,034.00
$130,239.00
5
Event-related revenue
151,562.00
163,621.00
6
NASCAR broadcasting revenue
192,662.00
185,394.00
7
Other operating revenue
29,902.00
26,951.00
8
Total revenue
$490,160.00
100.0%
$506,205.00
100.0%
9
Expenses and other:
10
Direct expense of events
$101,402.00
$106,204.00
11
NASCAR purse and sanction fees
122,950.00
120,146.00
12
Other direct expenses
18,908.00
20,352.00
13
General and administrative
183,215.00
241,223.00
14
Total expenses and other
$426,475.00
$487,925.00
15
Income from continuing operations
$63,685.00
$18,280.00
Final Question
Comment on the significant changes.
While overall revenue some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue as a percent of total revenue by almost 2.6 percentage points, while the percent of admissions revenue to total revenue by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of
Answers: 1
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The following comparative income statement (in thousands of dollars) for the two recent fiscal years...
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