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Part $1$

SmithSmith$\text{'}$s

Catering began with cash of

$ $8$ comma $000$$$8,000.$

SmithSmith

then bought supplies for

$ $1$ comma $800$$$1,800$

on account.$$ Separately,

SmithSmith

paid

$ $6$ comma $000$$$6,000$

for equipment. Answer these questions.

a$.$How much in total assets does

SmithSmith

$$have$?$

b$.$How much in liabilities does

SmithSmith

$$owe$?$