Easily Remove Page to the 12 Month Income Statement

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How to Remove Page to the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 is a valuable tool for analyzing the current fiscal year on a monthly basis, displaying periods from 1 to 12. However, it does not allow for date range selections, restricting reports to the current period only. Users can change the current period to a past open year to run reports for that year, but closed years are not accessible. To enable the functionality for a custom date range, users can save the report under a new name (e.g., "My Income 12 Period"), which allows for custom financial statements to be created and accessed from the report list.

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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 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 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 fill out a monthly income statement?

Steps to Prepare an Income Statement Choose Your Reporting Period. Your reporting period is the specific timeframe the income statement covers. Calculate Total Revenue. Calculate Cost of Goods Sold (COGS) Calculate Gross Profit. Calculate Operating Expenses. Calculate Income. Calculate Interest and Taxes. Calculate Net Income.

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.

How are discontinuing operations to be reported on an income statement?

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.

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.

Which of the following is an example of discontinued operations reported in a companys income statement?

Examples of discontinued operations could include: Closure of unprofitable division. Redundancy due to merger. Sale of a product line.

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Remove Page to the 12 Month Income Statement