(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. GO 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.) Data table 2016 Common-Size Balance Sheet Cash and marketable securities $ 510 1.5 % Accounts receivable 6,010 18.2 Inventory 9,490 28.8 Total current assets $ 16,010 48.6 % 16,950 51.4 Net property, plant, and equipment 32,960 100.0 % Total assets Accounts payable Short-term notes $ $ 7,250 22.0 % 6,760 20.5 $ 14,010 42.5 % 6,960 21.1 Total current liabilities Long-term liabilities Total liabilities Total common shareholders' equity $ 20,970 63.6 % 11,990 36.4 $ 32,960 100.0 % Total liabilities and shareholders' equity And - Data table Torar current names > 14,UTO 42.5% 6,960 21.1 Long-term liabilities Total liabilities $ $ 20,970 63.6% 11,990 36.4 Total common shareholders' equity Total liabilities and shareholders' equity $ 32,960 100.0 % Common-Size Income Statement 2016 $ 100.0 % Revenues Cost of goods sold Gross profit 29,980 (19,990) 9,990 66.7 $ 33.3 % 26.7 $ Operating expenses Net operating income Interest expense Earnings before taxes Income taxes (8,000) 1,990 (950) 6.6 % 3.2 $ 3.5 % 1,040 (378) 1.3 Homework Net income $ 662 2.2 %