colin listed his assets and liabilities on a personal balance sheet.\ncolins balance sheet (august…

colin listed his assets and liabilities on a personal balance sheet.\ncolins balance sheet (august 2013)\n|assets| |liabilities| |\n|--|--|--|--|\n|cash|$1,500|credit card|$500|\n|stocks|$800|rent|$800|\n|car|$5,000|car loan|$1,200|\n|coin collection|$1,200|student loan|$5,000|\n|total| |total| |\nwhich statement is true about the total assets and the total liabilities?\nthe total of the assets and the liabilities are the same.\nthe total of the assets is greater than the total of the liabilities.\nthe total of the assets is less than the total of the liabilities.\nthe total of the assets cannot be compared to the total of the liabilities.

colin listed his assets and liabilities on a personal balance sheet.\ncolins balance sheet (august 2013)\n|assets| |liabilities| |\n|--|--|--|--|\n|cash|$1,500|credit card|$500|\n|stocks|$800|rent|$800|\n|car|$5,000|car loan|$1,200|\n|coin collection|$1,200|student loan|$5,000|\n|total| |total| |\nwhich statement is true about the total assets and the total liabilities?\nthe total of the assets and the liabilities are the same.\nthe total of the assets is greater than the total of the liabilities.\nthe total of the assets is less than the total of the liabilities.\nthe total of the assets cannot be compared to the total of the liabilities.

Answer

Explanation:

Step1: Calculate total assets

$1500 + 800+5000 + 1200=8500$

Step2: Calculate total liabilities

$500+800 + 1200+5000=7500$

Step3: Compare totals

Since $8500>7500$, total assets are greater than total liabilities.

Answer:

The total of the assets is greater than the total of the liabilities.