Easily Remove Smart Field to the 12 Month Income Statement

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How to Remove Smart Field to 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 periods 1 through 12. However, it lacks an option to select a specific date range, restricting users to the current period. Users can change the current period to an earlier point in one of the two open years, but cannot generate reports for closed years. To enable greater functionality, users can create a custom financial statement by clicking the save button while viewing the report, renaming it (e.g., "My Income 12 Period"). This process updates the report name and adds it to the list of available reports.

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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 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.

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.

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.

What is the income statement for 12 months?

The year-end income statement, also known as the profit and loss statement, shows the companys sales revenues, other financial gains, any financial losses, and expenses for the period of 12 months. This provides a holistic view of the companys financial health.

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.

How do I get a year-end income statement in QuickBooks?

How to run Profit Loss Statement (Income Statement) in QuickBooks Online Go to Reports on the left-hand side navigation. Select the period for which you are running your Profit Loss in the Report Period box. The Profit Loss Report can be printed or exported to PDF or Excel.

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Remove Smart Field to the 12 Month Income Statement