O'Hare Company, is a manufacturing firm that uses a job-order cost system to determine the...
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Accounting
O'Hare Company, is a manufacturing firm that uses a job-order cost system to determine the costs of its products. During the current accounting period, O'Hare recognized depreciation of $600 on manufacturing equipment. Which of the following describes the effect of this event on the accounting equation?
| Total assets increase and net income increase. | ||
| Both total assets and total equities increase. | ||
| Total assets and total equity are unaffected. | ||
| Total assets and net income decrease. |
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