Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The book- keeper prepared the following statement (assume that all amounts are correct, but note the incorrect terminology and format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $480,000 Sales $303,000 12,400 7,500 64,000 Cost of Goods Sold Sales Retuns and Allowences Sales Discounts Salaries and Woges Expense Office Expense Travel Expenses Income Tax Expense Net Profit 20,500 1,000 21,480 50,120 Totals $ 480,000 $ 480,000 value: 1.50 points Required: 1. Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts BIG TOMMY CORPORATION Income Statement 0 Required: 1. Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts BIG TOMMY CORPORATION Income Statement 0 0 2. Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales. BIG TOMMY CORPORATION Income Statement 3. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage