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: Interest expense $1,364 1,455 Interest revenue Rent revenue Advertising expense Commissions expense Cost of goods sold Depreciation expense - office building Income tax expense Insurance expense - salesperson's auto Required: $1,483 2,532 29,228 3,058 1,490 2,216 Salaries and wages expense-office 6,923 11,641 48,152 Sales revenue Supplies expense-office 908 Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative. 1. Prepare a multiple-step income statement for the current year. Shaw Corporation Income Statement For the Current Year Operating expenses: Selling expenses: Total selling expenses Total selling expenses General and administrative expenses: $o Total general and administrative expenses Total operating expenses Other revenues and expenses: Excess of other revenues over other expenses $ $ 2. What advantage do you see in multi-step income statement? 3. Compute Shaw's profit margin. Round your answer to one decimal place. % 4. Reflect on the profit margin determined above. What does this mean