Required information PA6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 66) [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): PA6-5 (Algo) Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. Required information PA6-3 (Static) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair Worid uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold nerchandise for cash (cost of nerchandise $28,797 ). b. Received nerchandise returned by customers as unsatisfactory (but in perfect conidition) for $51,280 cash refund (original cost of morchandise $220 ). c. Sold merchandise (costing $4,750 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the custoner in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate fur the year. PA6-3 (Static) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World