Google Inc. (GOOG) said in a regulatory filing Tuesday that it had set aside a half billion dollars for potential resolution of a U.S. government investigation related to online advertising, the latest in the Mountanview, California's continuing skirmishes with regulators around the world.

"In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500 million for the three month period ended March 31, 2011. Although we cannot predict the ultimate outcome of this matter, we believe it will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows," Google said in its quarterly report on Form 10-Q for the quarter ended March 31, 2011.

In its report with the U.S. Securities and Exchange Commission, Google disclosed $59.96 billion in total assets against $11.11 billion in total liabilities as of March 31, 2011.

The Company had net income of $1.798 billion or $5.51 per diluted share in the first quarter of 2011, compared with $1.995 billion or $6.06 per share in the same period in 2010. The latest earnings figure is roughly 22% lower than the $7.04 in earnings per share the search giant reported on April 14.

Revenues totaled $8.575 billion in the first quarter of 2011, compared with $6.775 in the same period in 2010. Advertising revenues made up 96% and 97% of revenues for the three months ended March 31, 2010 and 2011.

As of March 31, 2011, Larry Page, Sergey Brin, and Eric E. Schmidt, members of Google's senior management team, beneficially owned approximately 92% of our outstanding Class B common stock, representing approximately 67% of the voting power of its outstanding capital stock.