(Analyzing common size financial statements) Use the common-size financial statements found here to respond to your bons' request that you write up your assessment of the firm's financial condition Specifically, write up a brief narrative that responds to the following questions a. How much cash doos Patterson have on hand relative to its total assets b. What proportion of Patterson's assets has the firm financed using short-term debt? Long-term dobt? c. What percent of Patterson's revenues does the firm have left over after paying all of its expenses (including taxes)? d. Describe the relative importance of Patterson's major expense categories, including cost of goods sold operating expenses, and interest expenses 2016 Common-Size Balance Sheet $ $ 460 1.4 % Cash and marketable securities 18.2 Accounts receivable 6,000 9,480 28.8 Inventory $ 15,940 48.4 % Total current assets 51.6 Net property, plant, and equipment 17,010 32,950 100.0 % $ $ 22.0 % Total assets Accounts payable Short-term notes 7,250 6,840 20.8 $ 42.8 % 14,090 7,000 21.2 Total current liabilities Long-term liabilities Total liabilities $ 21,090 64.0 % 11,860 36.0 Total common shareholders' equity $ 32,950 100.0 % Total liabilities and shareholders' equity Common-Size Income Statement 2016 100.0 % Revenues 66.6 33.4 % 26.6 Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes 30,010 (19,990) 10,020 (7.970) 2,050 (910) 1,140 (415) $ 6.8 % 3.0 3.8 % 1.4 Income taxes 725 $ Net income 2.4 %