(Analyzing common-size financial statements) Use the common-size financial statements found here: to respond to your boss' 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 does 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 debt? 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. a. How much cash does Patterson have on hand relative to its total assets? The cash Patterson has on hand relative to its total assets is %. (Round to one decimal place.) b. What proportion of Patterson's assets has the firm financed using short-term debt? Long term debt? The proportion of Patterson's assets that has been financed using short-term debtis 1% (Round to one decimal place.) The proportion of Pattogon's assets that has been financed using long-term debt is % (Round to one decimal place.) c. What percent of Patterson's revenues does the firm have left over after paying all of its expenses (including taxes)? The percent of Patterson's revenues that remained after paying all of its expenses is % (Round to one decimal place) - - - - O P est Data Table 2016 Common-Size Balance Sheet Cash and marketable securities Accounts receivable 1.5 % 510 6,010 18.2. as Inventory 9,540 28.8 re Total current assets 16.060 ven Net property, plant, and equipment 17,020 33,080 Total assets 48.5 % 51.5 100.0 % 21.7 % 20.5 12 20% Accounts payable Short-term notes Total ant linhibitin 7,170 6,790 12 08 portant "atters 0 Data Table n hand Net property, plant, and equipment tterson's 17,020 33,080 son's as Total assets Accounts payable 7,170 son's as Short-term notes Total current liabilities 6,790 13,960 51.5 100.0 % 21.7 % 20.5 42.2 % 21.3 63.5 % 36.5 erson's re 7,040 on's rever Long-term liabilities Total liabilities Total common shareholders' equity 21,000 12,080 33,080 each of the Total liabilities and shareholders' equity 100.0 % Data Table Total liabilities and shareholders' equity 33,080 100.0 % Common-Size Income Statement 2016 29,970 100.0 % Revenues Cost of goods sold Gross profit (20,040) 66.9 9,930 (8,050) Operating expenses Net operating income Interest expense Earnings before taxes 1,880 (870) 33.1 % 26.9 6.3% 2.9 3.4 % 1,010