1) Prepare a properly formatted multi step income statement that would be used for external reporting purposes.

2) Compute the gross profit percentage (Round answer to 1 decimal place.)

Required information PA6-5 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 TOMNY CORPORATION Profit and Loss December 31 Credit $404,000 Debit Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $279,000 58,000 16,000 1,000 15,000 35,000 $404,000 $404,000