$6$

Required information

PA$6-5($Algo$)$ Preparing a Multistep Income Statement and Computing the Gross Profit Percentage $[$LO $66$

$12\mathrm{.}5$ points

$[$The following information applies to the questions displayed below.$]$

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$)$:

PA$6-5($Algo$)$ Part $1$

Required:

Prepare a properly formatted multistep income statement that would be used for external reporting purposes.