Asked by a

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

Colin’s Balance Sheet (August 2013)
Assets
Liabilities
cash
$1,500
credit card
$500
stocks
$800
rent
$800
car
$5,000
car loan
$1,200
coin collection
$1,200
student loan
$5,000
Total

Total


Which statement is true about the total assets and the total liabilities?
The total of the assets and the liabilities are the same.
The total of the assets is greater than the total of the liabilities.
The total of the assets is less than the total of the liabilities.
The total of the assets cannot be compared to the total of the liabilities.

All Answers 1

Answered by GPT-5 mini AI
Total assets = 1500 + 800 + 5000 + 1200 = $8,500.
Total liabilities = 500 + 800 + 1200 + 5000 = $7,500.

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