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:
Q46: Accumulated amortization shows a beginning balance of
Q50: Cash in the chart of accounts is
Q58: Based on the following adjusted trial
Q59: Given the following worksheet with the trial
Q86: Refer to Table 7-8, what was the
Q104: Prepare journal entries for the following independent
Q105: When an unearned revenue is initially recorded
Q111: Prepare any necessary journal entries based on
Q112: Given the following worksheet with the trial
Q138: Refer to Table 5-4. The cost of