Use the following information \(\begin{array}{c|c} & ₦\\ \hline\text{Opening capital} & 60,000\\ \text{Drawings} & 4,000\\ \text{Cost of sales} & 50,000\\ \...

To calculate the closing capital, we need to start with the opening capital, and then add the profit and subtract any drawings. First, let's calculate the cost of goods sold (COGS): COGS = Cost of sales + (Mark-up x Cost of sales) COGS = 50,000 + (0.5 x 50,000) = 75,000 Next, let's calculate the gross profit: Gross profit = Sales - COGS Gross profit = (1 + Mark-up) x COGS - COGS Gross profit = Mark-up x COGS Gross profit = 0.5 x 50,000 = 25,000 Now we can calculate the net profit: Net profit = Gross profit - General expenses Net profit = 25,000 - 7,000 = 18,000 Finally, we can calculate the closing capital: Closing capital = Opening capital + Net profit - Drawings Closing capital = 60,000 + 18,000 - 4,000 = 74,000 Therefore, the answer is ₦74,000.