Here is a proposed income statement of a children's clothing store:

Kids 2 Klad

Statement of Profit and Loss, December 31, 20X1

Revenues:

Sale 1,300,000

Increase in market of land and building 50,000

Cash received from loan 200,000 1,550,000

Deduct expenses:

Advertising 100,000

Sales commissions 60,000

Utilities 20,000

Wages 150,000

Dividends 200,000

Cost of clothes purchased 800,000 1,330,000

Net profit 220,000

What are the list and description of all the shortcomings in this statement