I really need help with this problem :( Instructions: The following comparative
ID: 2590652 • Letter: I
Question
I really need help with this problem :(
Instructions: 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.
Instructions Current Year Previous Year 2 Revenues: 3 Admissions 4 Event-related revenue 5 NASCAR broadcasting revenue 6Other operating revenue 7 Total revenue 8 Expenses and other: 9 Direct expense of events 10 NASCAR purse and sanction fees 11 Other direct expenses 12 General and administrative 13 Total expenses and other 14 Income from continuing operations $104,50000 143,925.00 171,000.00 55,575.00 $475,000.00 $116,640.00 140,940.00 160,380.00 68,040.00 $486,000.00 $90,250.00 115,425.00 21,850.00 199,975.00 427,500.00 $47,500.00 94,770.00 119,070.00 16,038.00 236,682.00 $466,560.00 $19,440.00Explanation / Answer
Current Year Amount Current Year Percent Prior Year Amount Prior Year Percent Revenues: Admissions $104,500.00 22.00% $116,640.00 24.00% Event-related revenue $143,925.00 30.30% $140,940.00 29.00% NASCAR broadcasting revenue $171,000.00 36.00% $160,380.00 33.00% Other operating revenue $55,575.00 11.70% $68,040.00 14.00% Total Revenue $475,000.00 100.00% $486,000.00 100.00% Expenses and other: Direct expense of events $90,250.00 19.00% $94,770.00 19.50% NASCAR purse and sanction fees $115,425.00 24.30% $119,070.00 24.50% Other direct expenses $21,850.00 4.60% $16,038.00 3.30% General and administrative $199,975.00 42.10% $236,682.00 48.70% Total expenses and other $427,500.00 90.00% $466,560.00 96.00% Income from continuing operations $47,500.00 10.00% $19,440.00 4.00%