J. Muggs, capital was $7,000 on January 1, 20X1 when the fiscal year began. During the year, the company had revenues of $10,000 and expenses of $8,000. J. Muggs also withdrew $200 from the company for personal use. What should the December 31, 20X1 statement of owner's equity show for capital?

Answer rating: 100% (QA)

The December 3120X1 statement of owners equity should show 8800 f... View the full answer