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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.
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Exercise 17-2
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0%
Current Year
Prior Year
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[Key code here]
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SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
For the Years Ended December 31
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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
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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:
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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
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NOVAK COMPANY
Comparative Balance Sheet
December 31, 20--
Current Year
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Exercise 17-4
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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
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Solution
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ON
December 31, 20--
NOVAK COMPANY
Comparative Balance Sheet
Previous Year
Current Year
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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)
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MORENO COMPANY
Comparative Income Statement
For the Years Ended December 31, 20--
Score:
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Instructions
Exercise 17-5
Name:
Section:
0%
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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.
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Exercise 17-5
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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)
