Easily Remove Page in the 12 Month Income Statement

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How to Remove Page in the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, displaying data from period 1 to period 12. However, it cannot be set to a specific date range, limiting its usage to the current period. While users can revert to an earlier period in open years, closed years are inaccessible. A workaround to enable additional functionality involves saving the report as a custom financial statement. By clicking the save button and renaming the report, users can create a custom version (e.g., "My Income 12 Period"), which then appears in the report list, expanding its usability.

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What is a 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 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.

How are discontinued operations treated under GAAP?

Discontinued Operations under GAAP The criteria for GAAP require that firstly, the transaction used to shut down the divested business will eliminate the operations and cash flow of the business from the overall operations of the company.

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 break down an income statement?

Your income statement follows a linear path, from top line to bottom line. Think of the top line as a rough draft of the money youve madeyour total revenue, before taking into account any expensesand your bottom line as a final draftthe profit you earned after taking account of all expenses.

What is an example of a discontinued operation?

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.

How do you report 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.

How do you disclose discontinued operations?

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.

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