Ques 15-32

arnings? Explain in your own words. ned earings sheet? That is, what is the 15-32 Income Statement flere is a proposed income statement of a children's clothing store: Kids 2 Klad Statement of Profit and Loss, December 31, 20X1 Revenues: Sales $1,300,000 50,000 200,000 $1,550,000 Increase in market value of land and building Cash received from loan Deduct expenses: Advertising Sales commissions Utilities Wages Dividends Cost of clothes purchased Net profit $ 100,000 60,000 20,000 150,000 200,000 800,000 1.330,000 $ 220,000 List and describe any shortcomings of this statement