Multiple-Step Income Statement and Profit Margin

The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the current year:

Advertising expense	$1,588		Interest expense	$1,493
Commissions expense	2,483		Interest revenue	1,354
Cost of goods sold	29,289		Rent revenue	7,066
Depreciation expense - office building	2,664		Salaries and wages expenseoffice	11,560
Income tax expense	1,417		Sales revenue	48,047
Insurance expense - salespersons auto	2,112		Supplies expenseoffice	888

Required:

Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative.

Other revenues and expenses:
Interest expense
Operating revenues
Advertising expense
Excess of other revenues over other expenses
Income before taxes
Income tax expense
Net income

Compute Shaw's profit margin. Round your answer to one decimal place. _ %