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In this Excel tips tutorial, the creator demonstrates how to quickly remove formulas while retaining the data in a spreadsheet. The example includes a dataset with companies' revenue, expenses, and net income calculated by subtracting expenses from revenue. To remove the formula but keep the net income value, the user selects the entire dataset, copies it, and then uses the "Paste Special" feature. By choosing the "Values" option in the dialog box, the values are pasted without the formulas. This results in the formula bar displaying only the values, effectively removing the formulas from the selected cells.