Exercise 13-12 (Indirect Method) Your answer is partially correct. Try again The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. December 31 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 2014 $52,010 $24,820 75,610 70,680 182,610 187,910 68,700 103,750 263,850 198,050 (65,280)(31,860) $577,500 $553,350 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $577.500 $38,730 45,730 132,970 199,130 203,280 173,700 202,520 134,790 $553,350