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 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals December 31 Debit Credit $422,700 $287,000 60,000 17,500 1,000 17.160 40.040 $422,700 $422,200 Required: 1. Prepare a properly formatted multistep Income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement For the Year Ended December 311 Net Income Sales Revenue 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) BIG TOMMY CORPORATION Profit and Loss Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals December 31 Debit Credit $422,700 $287,000 60,000 17,500 1,000 17,160 40,040 $422,700 $422,700 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage