make the income statement and find gross profit percentage

Required information PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage (LO 6-5) (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 TOMY CORPORATION Profit and loss Dobit credit 078000 $311,000 66,000 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax penne Net Proti Totals 23, 640 55,160 S478,800 S418, $470, 800 Check my 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 31 Debit Credit $478, 800 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $311,000 66,000 22,000 1,000 23,640 55,160 $ 478,800 $478, 800 PA6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage