PA6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6- 6] [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 December 31 Debit Net Sales Cost of Goods Sold Salaries and Wages Expense office Expense Credit $328,500 $239,000 48,000 8,500 Travel Expenses Income Tax Expense 1,000 Net Profit Totals 9,600 22,400 $328,500 $328,500 PA6-5 (Algo) Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement