Limits, Ltd. had the following financial statements for the fiscal year ending December 31, 2004 (the statement of stockholders' equity and the statement of cash flows are not shown).

Required
The text lists several limitations of financial statements. Using the financial statements given here, identify as many examples of limitations or items that relate to limitations of financial statements as youcan.

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Limits, Ltd. Income Statement For the Year Ending December 31, 2004 Sales revenue Operating expenses: $1,000 Cost of sales Advertising expense Research and development expense expense Total operating expense Income before taxes as of December 31. 2004 Liabilities and stockholders' equity Current liabilities Current assets: ble Total current assets Property, plant and equipment: Total current liabilities Notes payable, long-term Total liabilities 9,000 Accumulated depreciation Buildings Accumulated depreciation (85.000) Retained earnings Total stockholders' equity Total liabilities and 22.800