Exercise 13-12 (Indirect 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 $52,010 $24,820 70,680 182,610 187,910 68,700 103,750 263,850 198,050 (65,280)(31,860) $577,500 $553,350 75,610 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $38,730 45,730 132,970 199,130 203,280 173,700 202.520 134.790 $553,350 $577,500