Question & Answer: The following partial Income statement and balance sheet Information (In $millions) comes from the Annual Report of…..

The following partial Income statement and balance sheet Information (In $millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2016 Year ended 12/31/2016 Net sales Total operating revenue Cost of goods sold Sales, general & administrative Interest expense Income before tax Net Income 15,719 15,719 9,878 2,539 766 1,017 840 Cash and cash equivalents Recelvables, net Inventories Land, bulldings and equipment at cost, net Total assets 12/31/2016 12/31/2015 134 985 1009 12,207 14,335 1,325 2,970 1,825 20,920 27040 Accounts payable Total current llablities Long-term debt Deferred Income taxes Total llablitles Minority Interest Retalned earnings Total stockholders’ equity 10,424 10,424 9,161 729 20,314 588 6,138 6,726 8,965 8,965 4,531 773 14,269 0 value 0.00 points Required Compute the profit margin on sales for 2016 of Saratoga Springs Co. (Round your answer to 1 decimal place Profit margin