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Remove Circle to the 12 Month Income Statement

Remove Circle to the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Circle to the 12 Month Income Statement

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37 votes

In Excel Magic Trick 183, viewers are guided on how to summarize data from a database containing customer transactions, including account details, dates, revenues, and expenses. The tutorial references a previous video on creating an income statement and focuses on using the MONTH function to filter data by month. However, a key issue with this approach is highlighted: if new records for subsequent years are added, the formula will incorrectly sum January amounts from all years, which may not be desired. The video aims to address this problem with a more suitable solution for accurate monthly data summarization.

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What is the discontinued section 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 should discontinued operations be reported in an interim report?

Question 6: How should discontinued operations be reported in an interim report? Include as discontinued operations, net of tax, if the component of the business is classified as held-for-sale or is discontinued in the interim period.

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.

Where do discontinued operations go on the 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 present discontinued operations on an income statement?

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.

What is an example of discontinued operations section?

Discontinued operations refer to any aspect of a businesss operations that are no longer required or profitable. Examples of discontinued operations could include: Closure of unprofitable division. Redundancy due to merger.

What is a rolling 12 month income statement?

Trailing 12 Month Financials (also known as Trailing 12, T12, or Rolling 12-Month Financials) is a report that shows a companys financial performance over the last 12 consecutive months.

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