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 $582,300 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals $351,000 76,000 29,500. 1,000 37,440 87,360 $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