Easily Remove Sentence from the 12 Month Income Statement

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How to Remove Sentence from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 is a useful tool that breaks down the current fiscal year by month, displaying periods 1 through 12. However, it has a limitation where you cannot choose a specific date range and can only run the report for the current period. You can change the current period to an earlier open year, but closed years cannot be accessed this way. To enable this functionality, you can save the report with a new name, transforming it into a custom financial statement. By clicking the save button, you can rename the report (e.g., "My Income 12 Period"), making it accessible in the report list for future viewing.

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How should a correction of an error in prior periods income be reported?

Correction errors in prior period adjustments can be corrected by making the journal entries in the accounts. Correction of an error is recorded in the year the error has been discovered. In the financial statements, it is shown as the adjustments in the retained earnings balance in the beginning.

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 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 correct an income statement?

Calculate the effect of the error. Go to the financial statements for the accounting period in which the error occurred. Correct the error in the financial statements for the period that saw the error. Adjust the statements for the next period to account for the corrections.

What is a sentence for income statement?

Meaning of income statement in English. a document that shows a companys profit or loss in a particular period of time: ing to its income statement, the companys revenue decreased by 21.5% during the third quarter.

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 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 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.

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Remove Sentence from the 12 Month Income Statement