Colin listed his assets and liabilities on a personal balance sheet.

Colins Balance Sheet (August 2013)

Assets

Liabilities

cash

$1,500

credit card

$500

stocks

$800

rent

$800

car

$5,000

car loan

$1,200

coin collection

$1,200

student loan

$5,000

Total

Total

Which statement is true about the total assets and the total liabilities?

The total of the assets and the liabilities are the same.

The total of the assets is greater than the total of the liabilities.

The total of the assets is less than the total of the liabilities.

The total of the assets cannot be compared to the total of the liabilities.