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

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Accounting

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Big Billy Corporation is a local grocery store organized seven years ago as a corporation. The store is in an excellent location, an sales have increased each year. The bookkeeper prepared the following statement (assume that all amounts are correct, but not incorrect terminology and format): Required: 1. Prepare a multi-step income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances a well as Sales Discounts as contra-revenue accounts. 1. Prepare a mult-step income statement that would be used for internal reporting purposes: Treat 5ales Returns and Aliowances as: well as Sales Discounts as contra-revenue accounts. 2. Prepare a mulb-step income statement that would be used for external reporting purposes, berginning with the amount for Net Sales. 3. Cornpute the gross profit percentage. (Hound your answer to 1 decimal place.)

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