The following comparative income statement (in millions of dollars) for the fiscal years 2003 and 2004 was
Question:
The following comparative income statement (in millions of dollars) for the fiscal years 2003 and 2004 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.
a. Prepare a comparative income statement for fiscal years 2003 and 2004 in vertical form, stating each item as a percent of revenues. Round to one decimal place.
b. Comment on the significantchanges.
Transcribed Image Text:
Speedway Motorsports, Inc. Comparative Income Statement (in millions of dollars) For the Years Ended December 31, 2004 and 2003 2004 2003 Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Other operating revenue 156.7 137.1 110.0 42.7 $446.5 $150.2 127.1 90.7 36.5 404.5 Total revenues Expenses and other: Direct expense of events NASCAR purse and sanction fees Other direct operating expense General and administrative Depreciation and amortization Other expenses $81.4 78.4 37.7 65.1 35.6 28.9 $327.1 119.4 $ 78.0 69.7 32.3 58.7 33.9 35.2 307.8 S96.7 Total expenses and other Income from continuing operations
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a b Both the total amount of revenue and the mix of revenue changed between the two years The revenue from admissions went down as a percent of total ...View the full answer
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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