To determine the correct statement regarding the total assets and total liabilities, we will first calculate each total independently and then compare them.
Step 1: Calculate Total Assets
The assets listed are:
- Cash: \[tex]$1,500
- Stocks: \$[/tex]800
- Car: \[tex]$5,000
- Coin collection: \$[/tex]1,200
We sum these amounts to find the total assets:
[tex]\[
\text{Total Assets} = 1,500 + 800 + 5,000 + 1,200 = 8,500
\][/tex]
Step 2: Calculate Total Liabilities
The liabilities listed are:
- Credit card: \[tex]$500
- Rent: \$[/tex]800
- Car loan: \[tex]$1,200
- Student loan: \$[/tex]5,000
We sum these amounts to find the total liabilities:
[tex]\[
\text{Total Liabilities} = 500 + 800 + 1,200 + 5,000 = 7,500
\][/tex]
Step 3: Compare Total Assets and Total Liabilities
To determine the correct statement, we compare the total assets and total liabilities:
[tex]\[
\text{Total Assets} = 8,500
\][/tex]
[tex]\[
\text{Total Liabilities} = 7,500
\][/tex]
[tex]\[
8,500 > 7,500
\][/tex]
Thus, the total assets of 8,500 are greater than the total liabilities of 7,500.
Conclusion
The correct statement is:
"The total of the assets is greater than the total of the liabilities."
