Question 939 • Crowley Credit Recovery Algebra II B
Dante listed his assets and liabilities on a personal balance sheet. Dante’s Balance Sheet (August 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total Which statement is true about the value of Dante’s assets and liabilities?
Answer
A
He has $50,000 more in assets than in liabilities.
B
He has $50,000 more in liabilities than in assets.
C
He has $110,000 more in liabilities than in assets.
D
He has $160,000 more in assets than in liabilities.
Explanation
Add Dante’s assets: $900 + $1,100 + $150,000 + $8,000 = $160,000. Add his liabilities: $4,000 + $1,000 + $100,000 + $5,000 = $110,000. His assets exceed his liabilities by $160,000 − $110,000 = $50,000, so he has $50,000 more in assets than in liabilities.
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