Regulieu UraLIUI [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 Credit $539,900 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $335,000 72,000 26.500 1,000 31,620 73, 780 $539,900 $539,900 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 31 Net Sales Cost of Goods Sold Gross Profit Expenses Salaries and Wages Expense Office Expenses 539,900 -335,000 204.900 72,000 26,500 1,000 Travel Expense Required information [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 Credit $539,900 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $335.000 72.000 26,500 1.000 31,620 73, 780 $539,900 $539.900 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %