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.

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 significantchanges.

Transcribed Image Text:

Fiscal Year 2008 Fiscal Year 2007 Revenues: Admissions Event-related revenue NASCAR broadcasting revenue Otheroperating revenue $188,036 211,630 168,159 43,168 $610,993 $179,765 197,321 142,517 42,030 $561,633 Total revenue Expenses and other: Direct expense of events NASCAR purse and sanction fees Other direct expenses General and administrative $113,477 118,766 116,376 84,029 432,648 $178,345 $100,414 100,608 163,222 80,913 445,157 116,476 Total expenses and other Income from continuing operations