Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent fiscal years 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.         Current Year   Previous Year Revenues:         Admissions $78,332     $86,949     Event-related revenue 140,210     133,632     NASCAR broadcasting revenue 216,592     209,155     Other operating revenue 26,780     28,622       Total revenues $461,914     $458,358                 Expenses and other:         Direct expense of events $101,876     $98,973     NASCAR event management fees 123,212     119,101     Other direct operating expenses 18,502     18,782     General and administrative 164,949     177,132       Total expenses and other $408,539     $413,988   Income from continuing operations $53,375     $44,370   Question Content Area a.  Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. (Note: Due to rounding, amounts may not total 100%). Round your percentages to one decimal place. Speedway Motorsports, Inc.Comparative Income Statement (in thousands of dollars)For the Years Ended December 31   Current Year Amount Current Year Percent Prior Year Amount Prior Year Percent Revenues:         Admissions $78,332 fill in the blank 98c2ea01c028043_1% $86,949 fill in the blank 98c2ea01c028043_2% Event-related revenue 140,210 fill in the blank 98c2ea01c028043_3% 133,632 fill in the blank 98c2ea01c028043_4% NASCAR broadcasting revenue 216,592 fill in the blank 98c2ea01c028043_5% 209,155 fill in the blank 98c2ea01c028043_6% Other operating revenue 26,780 fill in the blank 98c2ea01c028043_7% 28,622 fill in the blank 98c2ea01c028043_8% Total revenues $461,914 fill in the blank 98c2ea01c028043_9% $458,358 fill in the blank 98c2ea01c028043_10% Expenses and other:         Direct expense of events $101,876 fill in the blank 98c2ea01c028043_11% $98,973 fill in the blank 98c2ea01c028043_12% NASCAR event management fees 1

Vertical Analysis of Income Statement For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Fielder Industries Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1   20Y2   20Y1 Sales $1,300,000    $1,180,000  Cost of goods sold (682,500)   (613,600) Gross profit $617,500    $566,400  Selling expenses $(260,000)   $(188,800) Administrative expenses (169,000)   (177,000) Total operating expenses $(429,000)   $(365,800) Operating income $188,500    $200,600  Other revenue 78,000    70,800  Income before income tax expense $266,500    $271,400  Income tax expense (117,000)   (106,200) Net income $149,500    $165,200  Required: Question Content Area 1.  Prepare a comparative income statement for the two-year period,…

Vertical Analysis of Income StatementFor 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of theyear, Leif Grando, the president, is presented with the following condensed comparative income statement:3. PR.14-05BFielder Industries Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y2 20Y1Sales $1,300,000 $1,180,000Cost of goods sold 682,500 613,600Gross profit $617,500 $566,400Selling expenses $260,000 $188,800Administrative expenses 169,000 177,000Total operating expenses $429,000 $365,800Income from operations $188,500 $200,600Other income 78,000 70,800Income before income tax $266,500 $271,400Income tax expense 117,000 106,200Net income $149,500 $165,200Required:1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round toone decimal place. Enter all amounts…

Vertical analysis The following income statement data for AT&T Inc. and Verizon Communications Inc. were taken from their recent annual reports (in millions):   AT&T Verizon Revenues $132,447 $127,079 Cost of services (expense) 60,611 49,931 Selling and marketing expense 39,697 41,016 Depreciation and other expenses 20,393 16,533 Operating income $ 11,746 $ 19,599 Required: a. Prepare a vertical analysis of the income statement for AT&T. Round to one decimal place. AT&T Income Statement     Amount Percent Revenues     Cost of services (expense)     Selling and marketing expense     Depreciation and other expenses     Operating income     b. Prepare a vertical analysis of the income statement for Verizon. Round to one decimal place. Verizon Income Statement     Amount Percent Revenues     Cost of services (expense)     Selling and marketing expense     Depreciation and other expenses     Operating…