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Credit $582,300 BIG TOMMY CORPORATION Profit and Loss December 31 Debit Net Sales Cost of Goods Sold $351,000 Salaries and Wages Expense 76,000 Office Expense 29,500 Travel Expenses 1,000 Income Tax Expense 37,440 Net Profit 87,360 Totals $582,300 $582,300 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