Below Is an Adjusted Trial Balance from Husky Iron Works

Essay

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.