Required information PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-5) [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): 2 Debit Credit $563,600 BIG TOMY CORPORATION Profit and Loss December 31 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $343,000 74,000 28,000 1,000 35,280 82,320 $563,600 $563,600 PA6-5 Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement Required information PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-5) [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 $563,600 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $343,000 74.ee 28.000 1,000 35,280 82,320 5563,600 $563,600 PA6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %