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Colin listed his assets and liabilities on a personal balance sheet.

\begin{tabular}{|c|c|c|c|}
\hline \multicolumn{3}{|c|}{Colin's Balance Sheet (August 2013)} \\
\hline Assets & \multicolumn{2}{c|}{Liabilities} \\
\hline cash & [tex]$\$[/tex] 1,500[tex]$ & credit card & $[/tex]\[tex]$ 500$[/tex] \\
\hline stocks & [tex]$\$[/tex] 800[tex]$ & rent & $[/tex]\[tex]$ 800$[/tex] \\
\hline car & [tex]$\$[/tex] 5,000[tex]$ & car loan & $[/tex]\[tex]$ 1,200$[/tex] \\
\hline coin collection & [tex]$\$[/tex] 1,200[tex]$ & student loan & $[/tex]\[tex]$ 5,000$[/tex] \\
\hline Total & & Total & \\
\hline
\end{tabular}

Which statement is true about the total assets and the total liabilities?

A. The total of the assets and the liabilities are the same.
B. The total of the assets is greater than the total of the liabilities.
C. The total of the assets is less than the total of the liabilities.
D. The total of the assets cannot be compared to the total of the liabilities.

Sagot :

GinnyAnswer
To find out the true statement about the total assets and total liabilities, we will calculate their sums separately and then compare them.

### Step-by-Step Solution

#### Step 1: Calculate Total Assets
Sum up the values listed under Assets:
- Cash: [tex]$1,500 - Stocks: $[/tex]800
- Car: [tex]$5,000 - Coin collection: $[/tex]1,200

[tex]\[ \text{Total assets} = 1500 + 800 + 5000 + 1200 = 8500 \][/tex]

#### Step 2: Calculate Total Liabilities
Sum up the values listed under Liabilities:
- Credit card: [tex]$500 - Rent: $[/tex]800
- Car loan: [tex]$1,200 - Student loan: $[/tex]5,000

[tex]\[ \text{Total liabilities} = 500 + 800 + 1200 + 5000 = 7500 \][/tex]

#### Step 3: Compare Total Assets and Total Liabilities

Now, we compare the total assets and total liabilities:
- Total assets: [tex]$8,500 - Total liabilities: $[/tex]7,500

Since [tex]$8,500$[/tex] (total assets) is greater than [tex]$7,500$[/tex] (total liabilities), the correct statement is:
[tex]\[ \text{The total of the assets is greater than the total of the liabilities.} \][/tex]

Therefore, the true statement is:
[tex]\[ \textbf{The total of the assets is greater than the total of the liabilities.} \][/tex]
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