Easily Remove Required Fields from the 12 Month Income Statement

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How to Remove Required Fields from 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, covering periods 1 through 12. However, it does not allow for date range customization, meaning it can only run for the current period. To view previous periods, you can change the current period to an earlier date within the two open years, but closed years are inaccessible. To enable custom date functionality, you can save the report under a new name, such as "My Income 12 Period," which allows it to appear in the report list as a custom financial statement. This simple change expands your reporting capabilities significantly.

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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.

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.

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.

What two income statement accounts must be eliminated in entry b?

The investment in subsidiary and income from subsidiary accounts must be eliminated each time consolidated financial statements are prepared.

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 information can be extracted from the income statement?

Also known as profit and loss (PL) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions.

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 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.

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Remove Required Fields from the 12 Month Income Statement