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)\nassets liabilities\ncash $1,500 credit card $500\nstocks $800 rent $800\ncar $5,000 car loan $1,200\ncoin collection $1,200 student loan $5,000\ntotal 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)\nassets liabilities\ncash $1,500 credit card $500\nstocks $800 rent $800\ncar $5,000 car loan $1,200\ncoin collection $1,200 student loan $5,000\ntotal 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 total assets and liabilities

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

Answer:

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