Chapter 6 Homework 10 Saved Help Save & Exit Submit Check my work 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 $267,100 $207,000 40,000 2,500 1,000 4,500 11,620 1267,100 1267-100 Part 1 of 2 Net Sales Cost of Goods Sold Salaries and wages Expense Office Expense 9.09 points Travel Expenses Income Tax Expense Net Profit Totals P 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