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In this Excel tips video, the presenter demonstrates how to remove formulas while retaining the data in a worksheet. Using a dataset that includes revenue, expenses, and net income values, the tutorial explains that net income is calculated by subtracting expenses from revenue. To remove the formulas, the user should select the entire dataset, copy it, right-click, and choose "Paste Special." In the Paste Special dialog box, selecting the "Values" option and clicking OK allows the user to paste only the values, effectively removing the formulas. This operation results in the formula bar displaying only the values without the underlying formulas.