Please answer. The following comparative income statement (in thousands of dolla
ID: 2360091 • Letter: P
Question
Please answer. The following comparative income statement (in thousands of dollars) for the fiscal years 2008 and 2007 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. I need to calculate the percentage for each year. I'm having trouble trying to understand how you got the percentage. Revenues: Admissions 2008: $188,036 ____% 2007: $179,765 ____% Event-related revenue 2008: 211,630 2007: 197,321 NASCAR Broadcasting revenue 2008: 168,159 2007: 142,517 Other Operating revenue 2008: 43,168 2007: 42,030 Total Revenue: 2008: 610,993 2007: 561,633 Expenses and Other: Direct expense of events 2008: $113,477 2007: $100,414 NASCAR purse and sanction fees 2008: 118,766 2007: 100,608 Other direct expenses 2008: 116,376 2007: 163,222 General and administrative 2008: 84,029 2007: 80,913 Total expenses and other: 2008: 432,648 2007: 445,157 Income from continuing operations: 2008: 178,345 2007: 115,476 a. Prepare a comparative income statement for fiscal years 2007 and 2008 in vertical form, stating each item as a percent of revenues. Round to one decimal place.Explanation / Answer
Total Revenue 561,633 610,993 a.Admissions 179,765(32%) 188,036(30.77%) b.Event-related revenue 197,321(35.13%) 211,630(34.64%) c.Broadcasting revenue 142,517(25.37%) 168,159(27.52%) d.Other Operating revenue 42,030(7.48%) 43,168(7.06%) Total expenses 445,157 432,648 a.Direct expense of events 100,414 (22.56%) 113,477(26.23%) b.NASCAR purse and sanction fees 100,608 (22.6%) 118,766(27.45%) c.Other direct expenses 163,222 (36.67%) 116,376(26.89%) d.General and administrative 80,913(18.18%) 84,029(19.42%) Income from continuing operations 115,476 178,345 Profit in % of investment 25.9% 41.22%