Musqueam Culinary Experiences operates a successful catering business specializing in Indigenous food and beverages.

a. If Musqueam Culinary Experiences has liabilities of $100 million and owner’s equity of $75 million, how much are its assets?

b. If Musqueam Culinary Experiences’ owner’s equity of $100 million consists of owner investments of $50 million and owner withdrawals of $25 million, how much has net income contributed toward owner’s equity?

c. If Musqueam Culinary Experiences’ net income this year is $10 million and revenues were $40 million, how much were expenses?