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Delete Phone Field into the 12 Month Income Statement

Delete Phone Field into the 12 Month Income Statement

Aug 6th, 2022

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How to Delete Phone Field into the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a breakdown of the current fiscal year by month, covering periods 1 to 12. However, it does not allow selection of a specific date range, limiting users to the current period. To analyze a previous fiscal year, one can adjust the current period settings temporarily. To enable the functionality of viewing closed periods, users can create a custom financial statement by clicking the save button and renaming the report, allowing it to appear in the reports list as, for example, "My Income 12 Period." This simple change provides access to previous year data.

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How should a discontinued operation be presented in the financial statements?

In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

How are discontinuing operations to be reported on an income statement?

Steps to Prepare an Income Statement Choose Your Reporting Period. Your reporting period is the specific timeframe the income statement covers. Calculate Total Revenue. Calculate Cost of Goods Sold (COGS) Calculate Gross Profit. Calculate Operating Expenses. Calculate Income. Calculate Interest and Taxes. Calculate Net Income.

How do you record discontinued operations?

The discontinued operations section must report on the income and gain/loss of the discontinued component, net of income tax. The assets and liabilities of discontinued operations must be classified as held-for-sale when it meets the criteria and must be classified as current assets in the balance sheet.

Which of the following is an example of discontinued operations reported in a companys income statement?

Examples of discontinued operations could include: Closure of unprofitable division. Redundancy due to merger. Sale of a product line.

How do you report discontinued operations on an income statement?

Income and expenses related to discontinued operations can be found on line items on a companys income statement, below Continuing Operations Income and above Net Income.

How do you break down an income statement?

Trailing 12 months (TTM) is the term for the data from the past 12 consecutive months used for reporting financial figures. A companys trailing 12 months represents its financial performance for a 12-month period; it does not typically represent a fiscal-year ending period.

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