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 | |
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 | % | $18,280 | % |
Solution
Speedway Motorsports Inc | ||||
Comparative income statement ($ in thousand) | ||||
For the Years Ended December 31 | ||||
Current year | Current year | Previous year | Previous year | |
Amount | Percent | Amount | Percent | |
Revenues | ||||
Admissiona | $ 116,034.00 | 23.7% | $ 130,239.00 | 25.7% |
Event-related revenues | $ 151,562.00 | 30.9% | $ 163,621.00 | 32.3% |
NASCAR Broadcasting revenue | $ 192,662.00 | 39.3% | $ 185,394.00 | 36.6% |
Other operating revenue | $ 29,902.00 | 6.1% | $ 26,951.00 | 5.3% |
Total revenues | $ 490,160.00 | 100.0% | $ 506,205.00 | 100.0% |
Expenses and other: | ||||
Direct expenses of events | $ 101,402.00 | 20.7% | $ 106,204.00 | 21.0% |
NASCAR event management fees | $ 122,950.00 | 25.1% | $ 120,146.00 | 23.7% |
Other Direct operating expenses | $ 18,908.00 | 3.9% | $ 20,352.00 | 4.0% |
General and administrative | $ 183,215.00 | 37.4% | $ 241,223.00 | 47.7% |
Total expenses and other | $ 426,475.00 | 87.0% | $ 487,925.00 | 96.4% |
Income from continuing operations | $ 63,685.00 | 13.0% | $ 18,280.00 | 3.6% |
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