Easily Delete Text Fields from the 12 Month Income Statement

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How to Delete Text Fields from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, covering periods 1 through 12. However, it does not allow users to select a date range, limiting options to the current period. Users can alter the current period to access information from previous open years, but cannot view closed years. To enable this functionality, users can click the save button while viewing the report, renaming it to create a custom financial statement. This process allows for better flexibility and access to historical data within the reports.

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

Discontinued operations is an accounting term for parts of a firms operations that have been divested or shut down. They are reported on the income statement as a separate entry from continuing operations.

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.

What is a 12 month 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.

Which item would not be found on an income statement?

Answer and Explanation: (b) Dividends would not be found on an income statement. An income statement shows all the revenues and expenses of a company for a period of time, typically for a year.

How do you break down an income statement?

Your income statement follows a linear path, from top line to bottom line. Think of the top line as a rough draft of the money youve madeyour total revenue, before taking into account any expensesand your bottom line as a final draftthe profit you earned after taking account of all expenses.

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.

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.

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Delete Text Fields from the 12 Month Income Statement