Problems Problem 1 (Statement of Financial Position) The assets of J&R Associates consist entirely of current assets and net plant and equipment. The firm has total assets of P2.5 million, and net plant and equipment of P2 million. It has notes payable of P150,000, long-term debt of P750,000, and total common equity of P1.5 million. The firm does have accounts payable and accruals on its statement of financial position. The firm only finances with debt and common equity, so it has no preferred stock on its statement of financial position. Required: a. What is the amount of total liabilities and equity that appears on the firm's statement of financial position? b. What is the balance of current assets on the firm's statement of financial position? C. What is the balance of current liabilities on the firm's statement of financial position? d. What is the amount of accounts payable, and accruals on its statement of financial position? e. What is the firm's net working capital? f. What is the firm's net operating working capital