(Preparing common-size financial statements) As the newest hire to the financial analysis group at Patterson 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 Patterson are shown here: B common-size a. After discussing your training asignment with a fellow analyst who was hired last year, you learn that the first step in your completing the assignment is to prepare balance sheet for Patterson. b. The second step is to prepare a common-size income statement for the firm. .. a. After discussing your training asignment with a fellow analyst who was hired last year, you learn that the first step in your completing the assignment is to prepare a common-size balance sheet for Patterson. Complete the common-size balance sheet below: (Round to one decimal place.) 2016 Common-Size Balance Sheet Cash and marketable securities $ 520 % Accounts receivable 6,040 9,540 Inventory Total current assets $ 16.100 % Net property, plant, and equipment 16,960 $ 33,060 % $ 7,190 % 6,800 Total assets Accounts payable Short-term debt Total current liabilities Long-term liabilities Total liabilities $ 13,990 % 7,020 $ % 21,010 12,050 Total common stockholders' equity Total liabilities and shareholders' equity $ 33,060 % - Data Table Patterson Printing Company Balance Sheet, December 31, 2016 Cash and marketable securities $520 Accounts receivable 6,040 Inventory 9,540 Total current assets $16,100 Net property, plant, and equipment 16,960 Total assets $33,060 Accounts payable $7,190 Short-term debt 6,800 Total current liabilities $13,990 Long-term liabilities 7,020 Total liabilities $21,010 Total common stockholders' equity 12,050 Total liabilities and stockholders' equity $33,060 (Click on the icone in order to copy its contents into a spreadsheet.) Patterson Printing Company Income Statement for the Year Ended December 31, 2016 Revenues $29,990 Cost of goods sold (20,040) Crocenrofit doorn Data Table Total assets $33,060 Accounts payable $7,190 Short-term debt 6,800 Total current liabilities $13,990 Long-term liabilities 7,020 Total liabilities $21,010 Total common stockholders' equity 12,050 Total liabilities and stockholders' equity $33,060 (Click on the icon in order to copy its contents into a spreadsheet.) Patterson Printing Company Income Statement for the Year Ended December 31, 2016 Revenues $29,990 Cost of goods sold (20,040) Gross profit $9,950 Operating expenses (8,030) Net operating income $1,920 Interest expense (910) Earnings before taxes $1,010 Income taxes (367) Net income $643 (Click on the icon in order to copy its contents into a spreadsheet.)
