(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: 5 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. 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.) Common-Size Balance Sheet 2016 450 Cash and marketable securities $ % Accounts receivable 6,010 Inventory 9,450 Total current assets $ 15,910 % Net property, plant, and equipment 17,040 32,950 % Total assets Accounts payable Short-term debt 7,190 % 6,810 Totalmont Hobitti 11 000 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 she b. The second step is to prepare a common-size income statement for the firm. Common-Size Balance Sheet 2016 Cash and marketable securities $ -X 450 % Data Table Accounts receivable 6,010 Inventory 9,450 Total current assets $ Patterson Printing Company 15,910 % Balance Sheet, December 31, 2016 Net property, plant, and equipment 17,040 Cash and marketable securities $450 Total assets 32,950 % Accounts receivable 6.010 Accounts payable $ 7,190 % Inventory 9,450 Total current assets $15.910 Short-term debt 6.810 Net property, plant, and equipment 17.040 Total current liabilities $ 14,000 % Total assets $32.950 Long-term liabilities 7.000 Accounts payable $7.190 Total liabilities $ 21,000 % Short-term debt 6,810 Total current liabilities $14,000 Total common stockholders' equity 11,950 Long-term liabilities 7,000 Total liabilities and shareholders' equity 32,950 % Total liabilities $21,000 Total common stockholders' equity 11,950 b. The second step is to prepare a common-size income statement for the fim. Total liabilities and stockholders' equity $32.950 Complete the common-size income statement below. (Round to one decimal place.) Patterson Printing Company Common-Size Income Statement 2016 Income Statement for the Year Ended December 31, 2016 Revenues $ 30,040 %6 Revenues $30.040 Cost of goods sold (19.980) Cost of goods sold (19.980) Gross profit $10.000 Gross profit $ 10,080 % Operating expenses (8.020) Operating expenses (8.020) Net operating income $2,040 Net operating income $ 2,040 Interest expense (930) Interest expense Earnings before taxes (930) $1.110 Income taxes (404) Earnings before taxes 1.110 % Net income $706 Income taxes (404) Net income 706 96 Done Enter any number in the edit fields and then continue to the next question. $ 65