Required information PA6-5 (Static) 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 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expense Travel Expenses Income Tax Expense Net Profit Totals -5 (Static) Part 1 December 31 Debit Credit $ 404,000 $ 279,000. 58,000 16,000 1,000 15,000 35,000 $ 404,000 $ 404,000 PA6-5 (Static) Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement