Exercise 13-12 (Indirect Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position December 31 2014 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 $53,310 $23,760 77,720 187,220 192,430 69,930 104,290 267,660 195,460 83,700 66,890 (32,380) $594,930 $561,280 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $594,930 $38,130 47,060 155,010 207,190 202,000 173,710 199,790 133,320 $561,280