ISSUEIn Parallels Desktop 7 for Mac you can manage the Status bar of your Virtual Machine. It usually appears in the Window view mode in the bottom of virtual machine's window.
In version 7 you can hide the Status bar and make your virtual machine's window looks more user-friendly.
CAUSEThe Status bar sometimes can occupy additional space on your Desktop.
To free some space on your Desktop you can hide the Status bar. You can put it back in case if you need it's functionality.
In View menu choose the appropriate option to show or hide the Status bar: Show Status Bar / Hide Status Bar.