What is the effect on the financial statements of recording depreciation on equipment? a. Assets are decreased,

Question:

What is the effect on the financial statements of recording depreciation on equipment?

a. Assets are decreased, but net income and stockholders’ equity are not affected.

b. Net income is not affected, but assets and stockholders’ equity are decreased.

c. Net income, assets, and stockholders’ equity are all decreased.

d. Net income and assets are decreased, but stockholders’ equity is not affected.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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