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Big Tommy Corporation is a local grocery store organized seven years ago as a corporation....

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Accounting

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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 $328,500 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net Profit $239,000 48,000 8,500 1,000 9,600 22,400 $328,500 Totals $328,500 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes. BIG TOMMY CORPORATION Income Statement 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %

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