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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (17 reviews)
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
Answered By
Diksha Bhasin
I have been taking online teaching classes from past 5 years, i.e.2013-2019 for students from classes 1st-10th. I also take online and home tuitions for classes 11th and 12th for subjects – Business Studies and Economics from past 3 years, i.e. from 2016-2019. I am eligible for tutoring Commerce graduates and post graduates. I am a responsible for staying in contact with my students and maintaining a high passing rate.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor...
-
The following comparative income statement (in thousands of dollars) for the fiscal years 2008 and 2007 was adapted from the annual report of Speedway Motor sports, Inc., owner and operator of...
-
The following data is sales in millions of dollars for the Cassie Cat Company manufactures of grain free canned cat food. Year. 1. 2. 3. 4. 5. 6. 7 Sales. 20. 22. 26. 24. 30. 28. 32 a, Use a three...
-
Listed below are ages of actresses and actors at the times that they won Oscars. The data are paired according to the years that they won. Use a 0.05 significance level to test the claim that there...
-
The Welsh Corporation uses 10 key components in one of its manufacturing plants. The data are provided in the worksheet C12P3 in the OM4 Data Workbook. Perform an ABC analysis. Explain your decisions...
-
The financial statements of PepsiCo, Inc. are presented in Appendix A. Instructions Refer to PepsiCos financial statements and answer the following questions. (a) What amount did PepsiCo declare in...
-
A market is partially complete if for any $m$ in the market and any real function $f$, then $f(m)$ is also in the market. In addition, there are other assets that are not traded. As an example,...
-
In a pure exchange economy with two goods, G and H, the two traders have Cobb-Douglas utility functions. Suppose that Tony's utility function is Ut = GtHt and Margaret's utility function is Um =...
-
What is the CAPM? RsRf+Bs (Rm - Rf) WACC = V(levered) V(unlevered) + TCB Rs R0+ (BSL) (R0 - RB) ORS RO+ (B/SL) (RB - R0)
-
1. The total payroll tax expense incurred by the employer on salaries and wages paid during the quarter ended December 31 was.....................$ 2. The total payroll tax expense incurred by the...
-
Revenue and expense data for Home-Mate Appliance Co. are as follows: a. Prepare an income statement in comparative form, stating each item for both 2007 and 2006 as a percent of sales. b. Comment on...
-
Revenue and expense data for the current calendar year for Horizon Publishing Company and for the publishing industry are as follows. The Horizon Publishing Company data are expressed in dollars. The...
-
The energy required to increase the speed of a certain car from 18 m/s to 24 m/s is 190 kJ. (a) What is the mass of the car? (b) At what speed is the car's kinetic energy equal to 190 kJ?
-
A employee wants to choose a non-complying super fund and he asks you for general guidance. Explain the differences between a complying and non-complying fund. How this might affect the employee's...
-
There are two parts to this week's posting: Part 1 - How are is your stock portfolio doing, and did you modify your investment portfolio in Week 5? Part 2 - In the final section of your posting for...
-
Long-term care insurance policies (LTCI) offer inflation protection options that ensure benefits keep up with the increasing long-term care costs. These options can include automatic compound...
-
Mrs Young changes employers at age 46. She is given $8500 as her vested benefits in the company's pension plan. She invests this money in a registered retirement savings plan paying 8%, compounded...
-
Part B: Research ASX listed company Integrated Reporting Framework (a) Your text discusses the International Integrated Reporting Framework. (b)* According to Gleeson-White (2014, p.216), "When...
-
What are differences between express and implied assumption of risk?
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
Compute the first-order partial derivatives. z = COS 1 - x y
-
The net income reported on the income statement of Goth Co. was $2,500,000. There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the...
-
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E). (a) Loss on the disposal of...
-
Brady, Inc., reports the following for 2010: Income from continuing operations before income tax $500,000 Extraordinary property loss from hurricane $60,000* Loss from discontinued operations...
-
How does PostgreSQL handle JSON and JSONB data types, and what are the benefits and trade-offs compared to traditional relational data modeling, especially in scenarios involving complex or...
-
Linux - choose how you will manage your software install packages? Analyse some advantages of using a package manager to manage software?
-
A firm produces output according to the production function Q = K1/2 1/2. The demand schedule for the output is P= 20 - Q. If K is fixed at 4 units, what is this firm's short-run demand curve for...
Study smarter with the SolutionInn App