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1) prepare a properly formatted multistep income statement 2)...

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Accounting

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1) prepare a properly formatted multistep income statement
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2) Compute the gross profit %
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 $ 484,800 Cost of Goods Sold $ 279,000 Salaries and Wages Expense 58,000 Office Expense 16,000 Travel Expenses 1,000 Income Tax Expense 15,800 Net Profit 35,000 Totals $ 404,000 $ 404,800 BIG TOMMY CORPORATION Income Statement

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