P4-1 (similar to) Preparing comment financial statements) As the newest hire to the financiare group at Person Printing Company, you have been asked to perform a basis financial analysis of the company's most recent financial statements The 2016 balance sheet and income statement for the Person are shown here: 2. Ater discussing your training sigment with a flow analyst who was hired last year you leam that the first step in your completing the went is to prepare a common size balance sheet for Patterson. b. The second step is to prepare a common income talement for the fom. .. Ahor decussing your training Bigment with a fellow anayet who was hired last year, you team that the first step in your completing the ment is to per common site balance sheet for Person Complete the common stretchlow found to one place) 2016 5 9.470 16.000 $ 33.0 $ Commons Balance Sheet Cash and marketable series Acous meal Inventory Total current No pro plant and woment Total assets Accounts payable shoncom cott Tal currenties Long termes Total Total common stockholders Total Babies and share wity S $ 7230 6.700 14.00 7060 21.00 11.00 5 $ 31.040 Emany number in the edities and then click Check Answer Data Table Patterson Printing Company Balance Sheet, December 31, 2016 Cash and marketable securities Accounts receivable Inventory Total current assets Net property, plant, and equipment Total assets Accounts payable Short-term debt Total current liabilities Long-term liabilities Total liabilities Total common stockholders' equity Total liabilities and stockholders' equity $520 6,030 9,470 $16,020 17,020 $33,040 $7,230 6,780 $14,010 7,050 $21,060 11,980 $33,040 Patterson Printing Company Income Statement for the Year Ended December 31, 2016 Revenues $29,990 Cost of goods sold (20,010) Gross profit $9,980 Operating expenses (7,970) Net operating income $2,010 Done