Solution-Prepare a comparative income statement for fiscal

Prepare a comparative income statement for fiscal years

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Reference no: EM132684280

Problem - Vertical Analysis of Income Statement

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.

	Fiscal Year 2008	Fiscal Year 2007
Revenues:
Admissions	$188,036	$179,765
Event-related revenue	211,630	197,321
NASCAR broadcasting revenue	168,159	142,517
Other operating revenue	43,168	42,030
Total revenue	$610,993	$561,533
Expenses and other:
Direct expenses of events	$113,477	$100,414
NASCAR purse and sanction fees	118,766	100,608
Other direct expenses	116,376	163,222
General and administrative	84,029	80,913
Total expenses and other	$432,648	$445,157
Income from continuing operations	$178,345	$116,476

Required -

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.

b. Comment on the significant changes.

Reference no: EM132684280

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Prepare a comparative income statement for fiscal years

Reference no: EM132684280

Reference no: EM132684280

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