To determine which statement about Colin's total assets and total liabilities is true, we first need to calculate the sum of Colin's assets and the sum of his liabilities.
### Step 1: Calculating Total Assets
Colin's assets are listed as follows:
- Cash: \[tex]$1,500
- Stocks: \$[/tex]800
- Car: \[tex]$5,000
- Coin collection: \$[/tex]1,200
To find the total assets, add these amounts together:
[tex]\[
\text{Total Assets} = \$1,500 + \$800 + \$5,000 + \$1,200
\][/tex]
Adding these values:
[tex]\[
\$1,500 + \$800 = \$2,300
\][/tex]
[tex]\[
\$2,300 + \$5,000 = \$7,300
\][/tex]
[tex]\[
\$7,300 + \$1,200 = \$8,500
\][/tex]
Thus, the total assets amount to \[tex]$8,500.
### Step 2: Calculating Total Liabilities
Colin's liabilities are listed as follows:
- Credit card: \$[/tex]500
- Rent: \[tex]$800
- Car loan: \$[/tex]1,200
- Student loan: \[tex]$5,000
To find the total liabilities, add these amounts together:
\[
\text{Total Liabilities} = \$[/tex]500 + \[tex]$800 + \$[/tex]1,200 + \[tex]$5,000
\]
Adding these values:
\[
\$[/tex]500 + \[tex]$800 = \$[/tex]1,300
\]
[tex]\[
\$1,300 + \$1,200 = \$2,500
\][/tex]
[tex]\[
\$2,500 + \$5,000 = \$7,500
\][/tex]
Thus, the total liabilities amount to \[tex]$7,500.
### Step 3: Comparing Assets and Liabilities
Now, we compare the total assets and the total liabilities:
- Total Assets: \$[/tex]8,500
- Total Liabilities: \[tex]$7,500
### Conclusion
We analyze the comparison:
- \$[/tex]8,500 (total assets) is greater than \$7,500 (total liabilities).
Hence, the correct statement is:
The total of the assets is greater than the total of the liabilities.
