The condensed balance sheet and income statement for Marjoram Company are presented below.

MARJORAM COMPANY Balance Sheet At December 31, 2018

Cash $ 28,500

Nontrade receivable due August 15, 2019 48,000

Accounts receivable (net) 52,200

Merchandise inventory 76,300

Property, plant, and equipment (net) 345,000

Intangible assets 16,200

Total assets $ 566,200

Current liabilities $ 121,600

10% Bonds payable, long-term 140,000

Paid-in capital 67,000

Retained earnings 237,600

Total liabilities and equity $ 566,200

MARJORAM COMPANY Income Statement For the Year ended December 31, 2018

Sales $ 989,000

Cost of goods sold 517,400

Gross profit $ 471,600

Operating expenses 189,000

Operating income $ 282,600

Interest expense 14,000

Income before income taxes $ 268,600

Income taxes 80,580

Net income $ 188,020

Compute the percentage return on shareholders' equity ratio for Marjoram Company.