**And then to find the Gross Profit Percentage?

HW: Ch 6 Saved Help Save 11 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): Part 1 of 2 Credit $582,300 1.25 points BIG TOMMY CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $351,000 Salaries and Wages Expense 76,000 Office Expense 29,500 Travel Expenses 1,000 Income Tax Expense 37,440 Net Profit 87,360 Totals $582,300 $582,300 eBook Required: Print 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. References BIG TOMMY CORPORATION Income Statement