Required information 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 Credit $539,900 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals $335,000 72,000 26,500 1,000 31,620 73,780 $539,900 $539,900 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 es Cost of Goods Sold Gross Profit Expenses Salaries and Wages Expense Office Expense Travel Expense Income from Operations Income Tax Expense Net Income