1. The owner’s equity of Shun Connery is $150,000 and is equal to one-quarter the amount of total assets. What is the amount of total liabilities?

2. The assets of Pierce Brosman amounted to $60,000 on 30 June 20x7 but increased by $35,000 by 30 June 20x8. During the same year, liabilities decreased by $5,000 and drawings amounted to $10,000. If the owner’s equity on 30 June 20x7 was $20,000, then what was the profit for the year ended 30 June 20x8 and the owner’s equity as of 30 June 20x8?

3. On 30 June 20x8, the assets of Daniel Creg were $75,000.

One year later, the assets had increased to $100,000 and the owner’s equity was $55,000. Liabilities were $20,000 greater on 30 June 20x9 than they had been on 30 June 20x8. What was the owner’s equity on 30 June 20x8?