Easily Remove Required Fields in the 12 Month Income Statement

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How to Remove Required Fields in the 12 Month Income Statement

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The standard income 12-period report in Sage 50 is a useful tool that displays the current fiscal year broken down by month from period 1 to period 12. However, it lacks the option to select a specific date range, restricting users to their current period. Although users can change the current period to report on a previous open year, closed years cannot be accessed. To enable this functionality, users can save the report under a new name, creating a custom financial statement. This allows for more flexibility in reporting as it modifies the report name and adds it to the user’s list of reports.

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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.

What are the only accounts that are closed are the income statement accounts?

Only revenue, expense, and dividend accounts are closednot asset, liability, Common Stock, or Retained Earnings accounts. The four basic steps in the closing process are: Closing the revenue accountstransferring the credit balances in the revenue accounts to a clearing account called Income Summary.

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 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.

Which income statement accounts must be closed at the end of accounting period?

The temporary accounts get closed at the end of an accounting year. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietors drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts.

What 2 major accounts are included on an income statement?

Income statement (profit and loss statement) Key elements of the income statement include revenue and expenses.

What account is eliminated for purposes of consolidated financial statements?

Accounts such as retained earnings, accounts receivable balance, accounts payable balance, common stock, and other equity accounts must be removed from the financial statements.

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Remove Required Fields in the 12 Month Income Statement