Exercise 13-9 a The comparative statement of financial position for Sunland Retailers Ltd. follows SUNLAND RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 17,000 Accounts receivable 81,000 53,000 Inventory 225,000 171,000 Furniture 127,000 160,000 Accumulated depreciation (33,000) (46,000) Total assets $400,000 $355,000 Liabilities and Shareholders' Equity Bank overdraft $ 16,000 $ 0 Accounts payable 68,000 44,000 Bank loan payable (noncurrent) 92,000 106,000 Common shares 51,000 61,000 Retained earnings 173,000 144,000 Total liabilities and shareholders' equity $400,000 $355,000 Additional information: 1. Net income was $34,000 in 2018. Exercise 13-9 a The comparative statement of financial position for Sunland Retailers Ltd. follows SUNLAND RETAILERS LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 0 $ 17,000 Accounts receivable 81,000 53,000 Inventory 225,000 171,000 Furniture 127,000 160,000 Accumulated depreciation (33,000) (46,000) Total assets $400,000 $355,000 Liabilities and Shareholders' Equity Bank overdraft $ 16,000 $ 0 Accounts payable 68,000 44,000 Bank loan payable (noncurrent) 92,000 106,000 Common shares 51,000 61,000 Retained earnings 173,000 144,000 Total liabilities and shareholders' equity $400,000 $355,000 Additional information: 1. Net income was $34,000 in 2018