Prepare a properly formatted multistep income statement that would be used for external reporting purposes

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 $ 516,200 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals $327,000 70,000 25,000 1,000 27,960 65,240 $ 516,200 $ 516,200 Required: 1. Prepare a properly formatted multistep Income statement that would be used for external reporting purposes. X Answer is not complete. BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales Expenses * Gross Profit Net Income