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 TOMMY CORPORATION Profit and Loss December 31 Debit Credit $404,000 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 46-5 Part 1 quired: Prepare a properly formatted multistep income statement that would be used for external reporting purposes BIG TOMMY CORPORATION Income Statement