The statement that is true about Dante is that he has $50,000 more in assets than in liabilities.
Liabilities are the debts a firm has, while assets are its possessions. Both are listed on a company's balance sheet, a financial statement that illustrates the financial well-being of the business.
Equity, or an owner's net worth, is calculated as assets with fewer liabilities. The U.S. Small Business Administration advises that a company's assets should exceed its liabilities.
A corporation must have more assets than liabilities in order to have enough cash on hand to pay down its debts or easily convertible assets. A small firm will not be able to pay its bills if it has more liabilities than assets, and is therefore deemed to be in financial distress.
To learn more about liabilities refer to:
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