Exercise 13-12 (Direct Method) Your answer is partially correct. Try again. The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position December 31 Assets 2015 2014 Cash $51,040 $22,590 Accounts receivable 78,370 72,790 Merchandise inventory 185,010 190,320 Land 71,920 103,660 Equipment 261,880 197,150 Accumulated depreciation (65,880) (30,070) Total assets $582,340 $556,440 Liabilities and Shareholders' Equity Accounts payable $41,120 Bank loan payable 136,220 Common shares 200,470 Retained earnings 204,530 Total liabilities and shareholders' equity $582,340 $ 49,230 200,840 173,470 132,900 $556,440