Below is an adjusted trial balance from Husky Iron Works located in Huntsville, Ontario. 
1. Prepare closing entries for Husky Iron Works using the adjusted trial balance.
2. Prepare an income statement, statement of owner's equity and a classified balance sheet for the December 31, 2019 year-end. There were no owner investments during the year.
3. Calculate the gross margin percentage and the inventory turnover ratio at December 31, 2019. The inventory at the beginning of the year was $320,000.
Definitions:
Skilled Care Facility
A healthcare setting providing specialized nursing care and rehabilitation services to patients with varying levels of medical needs.
Situational Supports
Resources and assistance provided to individuals based on specific needs arising from their current circumstances.
Automatic Relief Behaviors
Reflexive, instinctual actions undertaken by individuals to alleviate stress or discomfort without conscious thought.
Crisis Intervention
A method of assisting individuals during an immediate psychological crisis to restore equilibrium to their biopsychosocial functioning and minimize potential long-term psychological trauma.
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