Exercise 13-12 (Direct Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position December 31 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 2014 $53,190 $23,380 73,730 181,100 185,750 71,360 101,290 262,930 195,910 (30,450) $580,430 $549,610 78,230 66,380) Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $580,430 $38,740 47,300 145,220 196,340 197,950 172,270 198,520 133,700 $549,610