To analyze Dante's balance sheet and determine the true relationship between his assets and liabilities, let's follow these steps step-by-step:
1. Sum of Assets:
- Cash: \[tex]$900
- Investments: \$[/tex]1,100
- House: \[tex]$150,000
- Car: \$[/tex]8,000
The total value of Dante's assets is calculated as:
[tex]\[
\text{Total Assets} = 900 + 1100 + 150000 + 8000 = 160000
\][/tex]
2. Sum of Liabilities:
- Credit Card: \[tex]$4,000
- Student Loan: \$[/tex]1,000
- Mortgage: \[tex]$100,000
- Car Loan: \$[/tex]5,000
The total value of Dante's liabilities is calculated as:
[tex]\[
\text{Total Liabilities} = 4000 + 1000 + 100000 + 5000 = 110000
\][/tex]
3. Difference between Assets and Liabilities:
To determine whether Dante has more assets or liabilities, we calculate the difference:
[tex]\[
\text{Difference} = \text{Total Assets} - \text{Total Liabilities} = 160000 - 110000 = 50000
\][/tex]
This means that Dante has \[tex]$50,000 more in assets than in liabilities.
4. Determine the correct statement:
- Dante has \$[/tex]50,000 more in assets than in liabilities.
- Dante has \[tex]$50,000 more in liabilities than in assets.
- Dante has \$[/tex]110,000 more in liabilities than in assets.
- Dante has \[tex]$160,000 more in assets than in liabilities.
Based on the calculations, the correct statement is:
\[
\text{Dante has \$[/tex]50,000 more in assets than in liabilities.}
\]
Therefore, the correct answer is:
He has \$50,000 more in assets than in liabilities.
