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Remove Cross Out Option from the 12 Month Income Statement

Remove Cross Out Option from the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Cross Out Option from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown for the current fiscal year, displaying periods 1 through 12. However, it lacks the option to select a date range, limiting users to the current period only. Users can revert to an earlier current period to generate the report for that year, but closed years are not accessible. To enable this functionality, users can save the report with a new name, creating a custom financial statement. By clicking the save button and renaming it (e.g., "My Income 12 Period"), the report becomes customizable and appears in the report list for future access.

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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 a trailing 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.

How to report loss of discontinued operations on income statement?

Enclose an operating loss amount in parentheses to designate a negative number. For example, if the discontinued component generated $50,000 in after-tax operating income, write Income (loss) from discontinued operations, net of tax in the account column, and write $50,000 in the amount column.

How do you normalize an income statement?

Adjusting the rental expense to reflect the prevailing market value will help normalize the financial statements. Also, where the company earns a rental income from its properties that does not constitute a part of the companys core business operations, this income should be eliminated from the financial statements.

How do you show 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.

What is an example of discontinued operations?

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.

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