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.
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