PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage LO 6-6 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 $404.000 $279,000 58,000 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit 16,000 1,000 15,000 35,000 Totals $404,000 $404,000 Required: Page 298 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. 2. Compute and interpret the gross profit percentage (using the formula shown in this chapter and rounding to one decimal place)