Colin listed his assets and liabilities on a personal balance sheet. Colin’s Balance Sheet (August 2013)AssetsLiabilitiescash$1,500credit card$500stocks$800rent$800car$5,000car loan$1,200coin collection$1,200student loan$5,000Total Total Which statement is true about the total assets and the total liabilities?
Answer
A
The total of the assets and the liabilities are the same.
B
The total of the assets is greater than the total of the liabilities.
C
The total of the assets is less than the total of the liabilities.
D
The total of the assets cannot be compared to the total of the liabilities.