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CEL mework Saved 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 Net Sales $582,300 Cost of Goods Sold $351,000 Salaries and Wages Expense 76,000 Office Expenses 29,500 Travel Expenses 1,000 Income Tax Expense 37,440 Net Profit 87,360 Totals $582,300 $582,300 PA6-5 Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. Required information Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement of 2 BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $582,300 ok Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit Totals $351,000 76,000 29,500 1,000 37,440 87,360 $582,300 nt $582,300 PA6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %