Exercise Content

Solve exercise 17-2 page 864 using the following template.

Keystone Assignment
CO2: Reinforces the application of accounting principles to the preparation and analysis of financial statements to support cu
SLO8: Examine, through Problem-solving, financial statements and determine solvency and profitability
Assignment:
Exercise 17-2
Name:
Section:
Score:
Key Code: [Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
a.
SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
For the Years Ended December 31
Current Year
Revenues:
Admissions
$
Event-related revenue
NASCAR broadcasting revenue
Other operating revenue
Total revenue
$
Expenses and other:
Direct expenses and events
$
NASCAR event management fees
Other direct expenses
General and administrative
Total expenses and other
$
Income from continuing operations
$
b.
[Key essay answer here]
100,694
146,980
217,469
31,320
496,463
104,303
133,682
19,541
177,926
435,452
61,011
ancial statements to support current operations as well as long-term borrowing and investments through problem-solving
TS, INC.
usands of dollars)
mber 31
Prior Year
$
$
$
$
$
100,798
146,849
207,369
29,293
484,309
102,196
128,254
18,513
194,120
443,083
41,226
Accounts Receivable
Accounts Payable
Cash
Income Summary
0
# N-box Incorrects due to blanks COUNTIF(B15:AT24,” “)
22
# N-box +B-box corrects COUNTIF(B15:AT24,” “)
0
Total SUM(AD13:AD15)
22
Percentage =(AD16-AD13-AD14)/AD16
0%
Notes:
If number-entry box is blank (this would be an incorrect answer for N-boxes), erro
If number-entry or blank-entry box is incorrect, returns “*”
If number-entry or blank-entry box is correct, returns single space, ” ”
Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and n
Conditional formatting might be used but wasn’t here, to hide some of the error check return symb
= 0, and use drop-downs for lables and names, so that students can’t enter a space in a box and have it counted as correct.
hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color.