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 $$267,100$

Cost of Goods Sold $$207,000$

Salaries and Wages Expense $40,000$

Office Expense $2,500$

Travel Expenses $1,000$

Income Tax Expense $4,980$

Net Profit $11,620$

Totals $$267,100$ $$267,100$

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

Required:

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