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 $441,400 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $295,000 62,000 19,000 1,000 19,320 45,080 $441,400 $441,400 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. 441,400 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 Travel Expense 295,000 146,400 62,000 19,000 1,000 Loss from Operations Net Income Help Save & Exit Submit Check my work Required information (The following information applies to the questions displayed below.) Big Tommy Corporation is a local grocery store organized seven years ago as corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): BIG TORCY CORPORATION Profit and Loss December 31 Debit Credit Net Sales $441,400 Coat of Goods Sold $295,000 Salaries and Wages Expense 62,000 office Expenses 19,000 Travel Expenses 1,000 Income Tax Expense 19,320 Net Profit 45,089 Totala $441,400 2. Compute the gross profit percentage (Round your answer to 1 decimal place.) Gross Profit Porcentage %