Question

Colin listed his assets and liabilities on a personal balance sheet.Colin's Balance Sheet (August 2013)AssetsLiabilities$1,500cashcredit card$800stocksrent$5,000car loan$1,200coin collectionstudent loanTotalTotalWhich statement is true about the total assets and the total liabilities?The total of the assets and the liabilities are the sameThe total of the assets is greater than the total of the liabilitiesThe total of the assets is less than the total of the liabilitiesThe total of the assets cannot be compared to the total of the liabilities$500$800$1,200$5,000

Answer 1

total of his assets are greater then his liabilities

Answer 2

Option b is right

Explanation:

Given is the balance sheet showing the statement of affairs of Colin for the year ended August 2013.

Assets total to =1500+800+5000 +1200=8500

Liabilities total to 500+800+1200+5000 = 7500

We find that total of assets is 8500 and total of liabilities is 7500

On comparing we get assets are more than liabilities by 1000 dollars.

Option b

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

is the right answer