Easily Remove Comments in the 12 Month Income Statement

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How to Remove Comments in the 12 Month Income Statement

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In this video, you will learn how to remove comments in Word and how to hide them instead. To delete a single comment, click on it, go to the Review tab, and click delete in the Comments section. For removing all comments at once, click the dropdown arrow under the delete button and select "Delete all comments in Document." If you prefer to hide comments, go to the Tracking section and select "Original" from the dropdown menu. Finally, the video encourages viewers to support the channel by subscribing, liking, and providing feedback in the comments.

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How do you show discontinued operations on a balance sheet?

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.

How do you correct errors in financial statements?

In that case, the error may be corrected in one of two ways: Recording an out-of-period adjustment, with appropriate disclosure, in the current period, if such correction does not create a material misstatement in the current year. Revising the prior period financial statements the next time they are presented.

What are the criteria for discontinued operations?

For a component to qualify as a discontinued operation at the balance sheet date, it must be disposed of (e.g., through sale, abandonment, or spin-off), or meet the held-for-sale criteria of ASC 360-10-45-9.

What should the notes to the financial statements include for discontinued operations?

Income statement The results of discontinued operations should include any gain or loss recognized when the discontinued operation is classified as held for sale and (or) when it is actually disposed of.

How should a correction of an error in prior periods income be reported?

Correction errors in prior period adjustments can be corrected by making the journal entries in the accounts. Correction of an error is recorded in the year the error has been discovered. In the financial statements, it is shown as the adjustments in the retained earnings balance in the beginning.

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 do you comment on an income statement?

If youre asked to review an income statement and youre not sure where to start, here are a few things to do: Check all the math. Find the bottom line. Look at the sources of income. Look at the expense categories. Now look at the amounts: What are the biggest expenses? Compare year-over-year numbers.

What items are included in the notes to the financial statements?

Notes to the financial statements disclose the detailed assumptions made by accountants when preparing a companys: income statement, balance sheet, statement of changes of financial position or statement of retained earnings.

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Remove Comments in the 12 Month Income Statement