1) prepare a properly formatted multistep income statement

2) Compute the gross profit %

Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit Net Sales $ 484,800 Cost of Goods Sold $ 279,000 Salaries and Wages Expense 58,000 Office Expense 16,000 Travel Expenses 1,000 Income Tax Expense 15,800 Net Profit 35,000 Totals $ 404,000 $ 404,800 BIG TOMMY CORPORATION Income Statement