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Dana Garrison had the following personal financial information on December 31, 2021.
Cash $7,900

Computer 700

Automobile 19,100

House 255,000

Mortgage 150,000

Credit Card 4,600

Bank Loan 37,700
Required a) Calculate Dana's total assets.
b) Calculate Dana's total liabilities.

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a) Computation of the total assets:-

Total assets = Cash + Computer + Automobile + House

= $7,900 + $700 + $19,100 + $255,000

= $282,700

b) Computation of the total liabilities:-

Total liabilities = Mortgage + Credit card + Bank loan

= $150,000 + $4,600 + $37,700

= $192,300

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