Exercise 13-12 (Direct Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 2014 $51,040 $22,590 72,790 185,010 190,320 71,920 103,660 261,880 197,150 (65,880) (30,070) $582.340 $556.440 78,370 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilties and shareholders' equity $582,340 $556,440 $41,120 49,230 136,220 200,840 200,470 173,470 204,530 132,900