a. 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 allamounts as positive numbers.Calvin Motorsports, Inc.Comparative Income Statement (in thousands of dollars)For the Years Ended December 31Current Year Amount Current Year PercentPrior Year Amount Prior Year PercentRevenues:Admissions$103,806%$116,632%Event-related revenue144,570%141,520NASCAR broadcasting revenue171,114%161,528Other operating revenue54,510%68,320%Total revenue$474,000%$488,000%Expenses and other:Direct expense of events$96,696%$101,992%NASCAR event management fees113,760%117,120%Other direct operating expenses22,752%25,864%General and administrative192,444%221,064%Total expenses and other$425,652%$466,040%Income from continuing operations$48,348%$21,960% Vertical Analysis of Income StatementThe following comparative income statement (in thousands of dollars) for 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 YearPrevious YearRevenues:Admissions$103,806$116,632Event-related revenue144,570141,520NASCAR broadcasting revenue171,114161,528Other operating revenue54,51068,320Total revenue$474,000$488,000Expenses and other:Direct expense of events$96,696$101,992NASCAR event management fees113,760117,120Other direct operating expenses22,75225,864General and administrative192,444221,064Total expenses and other$425,652$466,040Income from continuing operations$48,348$21,960

Calvin Motorsports Inc Comparative Income Statement($) For the year ended December 31…

a. 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 a 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 Revenues: Admissions $103,806 $116,632 % Event-related revenue 144,570 141,520 % NASCAR broadcasting revenue 171,114 161,528 % Other operating revenue 54,510 68,320 % Total revenue $474,000 $488,000 % Expenses and other: Direct expense of events $96,696 $101,992 % NASCAR event management fees 113,760 % 117,120 % Othor diront onorntin 22 752

a. 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 a 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 Revenues: Admissions $103,806 $116,632 % Event-related revenue 144,570 141,520 % NASCAR broadcasting revenue 171,114 161,528 % Other operating revenue 54,510 68,320 % Total revenue $474,000 $488,000 % Expenses and other: Direct expense of events $96,696 $101,992 % NASCAR event management fees 113,760 % 117,120 % Othor diront onorntin 22 752

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 2E: The following comparative income statement (in thousands of dollars) for two recent fiscal years was...

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