The following comparative income statement (in thousands of dollars) for the two
ID: 2498704 • Letter: T
Question
The following comparative income statement (in thousands of dollars) for the 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 Previous Year
Revenues:
Admissions $138,764 $141,912
Event-related revenue 149,160 138,408
NASCAR broadcasting revenue 126,560 109,938
Other operating revenue 37,516 47,742
Total revenue $452,000 $438,000
Expenses and other:
Direct expense of events $74,580 $75,774
NASCAR purse and sanction fees 83,620 76,650
Other direct expenses 118,876 108,624
General and administrative 60,568 57,378
Total expenses and other $337,644 $318,426
Income from continuing operations $114,356 $119,574
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 31
Current Year Amount
Current Year Percent
Prior Year Amount
Prior Year Percent
Calvin 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
$ 138,764
%
$ 141,912
%
Event-related revenue
149,160
%
138,408
%
NASCAR broadcasting revenue
126,560
%
109,938
%
Other operating revenue
37,516
%
47,742
%
Total revenue
$ 452,000
%
$ 438,000
%
Expenses and other:
Direct expense of events
$ 74,580
%
$ 75,774
%
NASCAR purse and sanction fees
83,620
%
76,650
%
Other direct expenses
118,876
%
108,624
%
General and administrative
60,568
%
57,378
%
Total expenses and other
$ 337,644
%
$ 318,426
%
Income from continuing operations
$ 114,356
%
$ 119,574
Calvin 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
Explanation / Answer
Answer:
Calvin Motorsports, Inc Comparative Income Statement (in thousands of dollars) For the Years Ended December 31 Particulars Current Year Prior year Change % of change Revenue: Admissions 138764 141912 -3148 -2.21827611 Event-related revenue 149,160 138408 10752 7.76833709 NASCAR broadcasting revenue 126560 109938 16622 15.119431 Other operating revenue 37516 47742 -10226 -21.4192954 Total revenue 452000 438000 14000 3.19634703 Expenses and other: Direct expense of events 74580 75774 -1194 -1.57573838 NASCAR purse and sanction fees 83620 76650 6970 9.09328115 Other direct expenses 118876 108624 10252 9.43806157 General and administrative 60568 57378 3190 5.55962215 Total expenses and other 337644 318426 19218 6.03531119 Income from continuing operations 114356 119574 -5218 -4.36382491Related Questions
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