An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a.
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 revenue 490,160$ 506,205$
Expenses and other:
Direct expenses and 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$
b.
Score:
Key Code:
Instructions
Exercise 17-2
Name:
Section:
0%
Current Year
Prior Year
[Key essay answer here]
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
For the Years Ended December 31
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a.
Revenues:
Admissions 116,034$ 23.7% 130,239$ 25.7%
Event-related revenue 151,562 30.9% 163,621 32.3%
Expenses and other:
Direct expenses and events 101,402$ 20.7% 106,204$ 21.0%
NASCAR purse and sanction fees 122,950 25.1% 120,146 23.7%
b.
Prior Year
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Overall revenue decreased some between the two years, as did the overall mix of revenue sources.
The NASCAR broadcasting revenue increased as a percent of total revenue by almost 3% of total
revenue, while admissions revenue decreased by 2% of total revenue. One of the major expense
categories, NASCAR purse and sanction fees,increased by 1.3% of total revenue. The direct
For the Years Ended December 31
SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
Current Year
Exercise 17-2
Name:
Solution
Section:
An asterisk (*) will appear to the right of an incorrect entry.
Amount Percent Amount Percent
Current assets
Property, plant, and equipment
Intangible assets
Total assets
Current liabilities
Long-term liabilities
Common stock
Retained earnings
Total liabilities and equity
Previous Year
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
NOVAK COMPANY
Comparative Balance Sheet
December 31, 20–
Current Year
Score:
Key Code:
Instructions
Exercise 17-4
Name:
Section:
0%
An asterisk (*) will appear to the right of an incorrect entry.
Amount Percent Amount Percent
Current assets 1,300,000$ 26.0% 945,000$ 21.0%
Property, plant, and equipment 3,000,000 60.0% 3,150,000 70.0%
Current liabilities 1,000,000$ 20.0% 720,000$ 16.0%
Long-term liabilities 1,500,000 30.0% 1,575,000 35.0%
Exercise 17-4
Name:
Solution
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
December 31, 20–
NOVAK COMPANY
Comparative Balance Sheet
Previous Year
Current Year
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a.
Current Year Previous Year
Amount Amount Amount Percent
Sales 1,120,000$ 1,000,000$
Cost of goods sold 971,250 875,000
Gross profit 148,750$ 125,000$
Selling expenses 71,250$ 62,500$
Administrative expenses 56,000 50,000
Expenses and other:
Total operating expenses 127,250$ 112,500$
Income before income tax 21,500$ 12,500$
Income tax expense 8,000 5,000
Net income 13,500$ 7,500$
b.
Increase (Decrease)
[Key essay answer here]
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
MORENO COMPANY
Comparative Income Statement
For the Years Ended December 31, 20–
Score:
Key Code:
Instructions
Exercise 17-5
Name:
Section:
0%
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a.
Current Year Previous Year
Amount Amount Amount Percent
Sales 1,120,000$ 1,000,000$ 120,000$ 12.0%
Cost of goods sold 971,250 875,000 96,250 11.0%
Gross profit 148,750$ 125,000$ 23,750$ 19.0%
b.
Key Code:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
Exercise 17-5
Name:
Solution
Section:
ON
Cells with non-gray backgrounds are protected and cannot be edited.
The net income for Moreno Company increased by approximately 80% between years. This increase was
the combined result of an increase in sales of 12% and lower percentage increases in cost of goods sold.
For the Years Ended December 31, 20–
MORENO COMPANY
Comparative Income Statement
Increase (Decrease)