he 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 $107,576 $121,032 Event-related revenue 138,040 142,188 NASCAR broadcasting revenue 175,168 166,296 Other operating revenue 55,216 62,484 Total revenue $476,000 $492,000 Expenses and other: Direct expense of events $98,056 $97,908 NASCAR purse and sanction fees 114,240 123,492 Other direct expenses 23,324 15,252 General and administrative 180,880 226,320 Total expenses and other $416,500 $462,972 ncome from continuing operations $59,500 $29,028 . 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 Revenues: Admissions $107,576 $121,032 Event-related revenue 138,040 142,188

he 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 $107,576 $121,032 Event-related revenue 138,040 142,188 NASCAR broadcasting revenue 175,168 166,296 Other operating revenue 55,216 62,484 Total revenue $476,000 $492,000 Expenses and other: Direct expense of events $98,056 $97,908 NASCAR purse and sanction fees 114,240 123,492 Other direct expenses 23,324 15,252 General and administrative 180,880 226,320 Total expenses and other $416,500 $462,972 ncome from continuing operations $59,500 $29,028 . 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 Revenues: Admissions $107,576 $121,032 Event-related revenue 138,040 142,188

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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The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions $90,639 $100,694 Event-related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue 60,390 31,320 Total revenues $512,156 $496,463 Expenses and other: Direct expense of events $(102,786) $(104,303) NASCAR event management fees (137,727) (133,682) Other direct expenses (43,784) (19,541) General and administrative (166,663) (285,166) Total expenses and other $(450,960) $(542,692) Income from continuing operations $61,196 $(46,229) a. Prepare a comparative income…
The following comparative income statement (in thousands of dollars) for 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. Current Year Previous Year Revenues: Admissions $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 a. Prepare a comparative income statement for these two…
The following comparative income statement (in thousands of dollars) for 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. Current Year Previous Year Revenues: Admissions $78,332 $86,949 Event-related revenue 140,210 133,632 NASCAR broadcasting revenue 216,592 209,155 Other operating revenue 26,780 28,622 Total revenues $461,914 $458,358 Expenses and other: Direct expense of events $101,876 $98,973 NASCAR event management fees 123,212 119,101 Other direct operating expenses 18,502 18,782 General and administrative 164,949 177,132 Total expenses and other $408,539 $413,988 Income from continuing operations $53,375 $44,370 a. Prepare a comparative income statement for these…
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. 1 Current Year Previous Year 2 Revenues: 3 Admissions $116,034.00 $130,239.00 4 Event-related revenue 151,562.00 163,621.00 5 NASCAR broadcasting revenue 192,662.00 185,394.00 6 Other operating revenue 29,902.00 26,951.00 7 Total revenue $490,160.00 $506,205.00 8 Expenses and other: 9 Direct expense of events $101,402.00 $106,204.00 10 NASCAR purse and sanction fees 122,950.00 120,146.00 11 Other direct expenses 18,908.00 20,352.00 12 General and administrative 183,215.00 241,223.00 13 Total expenses and other $426,475.00 $487,925.00 14 Income from continuing…
The following comparative income statement (in thousands of dollars) for 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. 1 Current Year Previous Year 2 Revenues: 3 Admissions $100,694.00 $100,798.00 4 Event-related revenue 146,980.00 146,849.00 5 NASCAR broadcasting revenue 217,469.00 207,369.00 6 Other operating revenue 31,320.00 29,293.00 7 Total revenues $496,463.00 $484,309.00 8 Expenses and other: 9 Direct expense of events $104,303.00 $102,196.00 10 NASCAR event management fees 133,682.00 128,254.00 11 Other direct operating expenses 19,541.00 18,513.00 12 General and administrative 177,926.00 194,120.00 13 Total expenses and other $435,452.00 $443,083.00 14 Income from…
The following comparative income statement (in thousands of dollars) for 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. Please see the attachment for details: a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place.b. Comment on the significant changes.
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for 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. Current Year Previous Year Revenues: Admissions $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 a. Prepare a…
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for 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. Current Year Previous Year Revenues: Admissions $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 a. Prepare a…
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Bristol, Charlotte, Texas, and Las Vegas Motor Speedways. Year 2 Year 1 Revenues: Admissions $100,798 $106,050 Event-related revenue 146,849 145,749 NASCAR broadcasting revenue 207,369 199,014 Other operating revenue 29,293 29,836 Total revenue $484,309 $480,649 Expenses and other: Direct expense of events $(102,196) $(99,500) NASCAR purse and sanction fees (128,254) (125,003) Other direct expenses (18,513) (18,640) General and administrative (194,120) (286,069) Total expenses $(443,083) $(529,212) Income (loss) from continuing operations $ 41,226 $ 48,563…
Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for 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. Current Year Previous Year Revenues: Admissions $116,034 $130,239 Event-related revenue 151,562 163,621 NASCAR broadcasting revenue 192,662 185,394 Other operating revenue 29,902 26,951 Total revenues $490,160 $506,205 Expenses and other: Direct expense of events $101,402 $106,204 NASCAR purse and sanction fees 122,950 120,146 Other direct expenses 18,908 20,352 General and administrative 183,215 241,223 Total expenses and other $426,475 $487,925 Income from continuing operations $63,685 $18,280 a. Prepare a…