The following comparative income statement (in thousands of dollars) for the fiscal years 2003 and 2004 was adapted from the annual report of Speedway Motor sports Inc., owner and operator of several major speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.
Fiscal Year Fiscal Year
2004 2003
Revenues:
Admissions $156,718 $150,253
Event Related Revenue 137,074 127,055
NASCAR broadcasting revenue 110,016 90,682
Other operating revenue 42,711 36,539
Total revenue $446,519 $404,529
Expenses and other:
Direct Expense of events $81,432 $77,962
NASCAR purse and sanction fees 78,473 69,691
Other direct expenses 102,053 101,408
General and Administrative 65,152 58,698
Total expenses and other $327,110 $307,759
Income from continuing operations $119,409 $96,770
Prepare a comparative income statement for fiscal years 2003 and 2004 in vertical form, starting each item as a percent of revenues. Round to one decimal place.
SOLUTION PREVIEW
Comparative income statement
Fiscal year
2004
|
Fiscal year
2003
|
Absolute change
|
% change
| |
Revenues:
| ||||
Admissions
|
156,718
|
150,253
|
6,465
|
4.3
|
Event Related Revenue
|
137,074
|
127,055
|
10,019
|
7.9
|
File name Speedway
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