You have a sneaker collection worth $2,000, and you have $300 in your savings account. But you also have a credit card balance of $200. What are your total assets?
Total assets can be calculated by adding the value of the sneaker collection, savings account balance, and subtracting the credit card balance:
Sneaker collection worth: $2,000
Savings account balance: $300
Credit card balance: -$200 (since it represents debt)
Total assets = $2,000 + $300 - $200 = $2,100