Exercise 1 Sales$4,000,000100%3,600,000100% Cost of Goods2,380,00057%1,872,00052% Gross Profit$1,720,00043%1,728,00048% Selling Expense600,00015%648,00018% Administrative Expense520,00013%360,00010% Operating Profit$600,00015%720,00020% Income Tax Expense240,0006%216,0006% Net Income$360,0009%504,00014%
Exercise 2 Admissions109,60216.2%121,50518.1% Event508,50575.3%491,66473.2% Food35,6695.3%41,2936.1% Order Operating21,2603.1%16,9712.5% Total Revenues675,036100%671,433100% Expenses Event145,09321.5%134,13620% NASCAR Mgmt185,20027.4%178,40326.6% Food27,2784%29,5934.4% General224,30333.2%233,14534.7% Total581,87486.2%575,27785.7% Net Income93.16213.8%96,15614.3%
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