Question Help P4-1 (similar to) (Preparing common-size financial statements) As the newest lire to the financial analysis group al Pallerson Printing Company, you have been asked to perform a basis financial analysis of the company's trust recent lancial scaleinents. The 2016 Lalance sheet and income statement for the Patterson are shown here: a. After discussing your training seignment with a lelon analyst who was hired ast year, you leam 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 fim. a. After discussing your training asigrument with a felow analyst wha was hired last year, you leam that the first step in your completing the signment is to prepare a camman size balance sheet for Patterson. Complete the common-size balance sheel below: (Round tolle decimal place.) 2016 3 230 %6 Comman-Size Balance Sheet Cash and marketable securities Accounts receivable Inventory ... Tolal current assets 6020 0.540 3 Nel property, plant, and equipment 18.040 17.040 18 33,080 * Total assets Accounts payable $ 7.170 % 6,840 $ 14.010 7.010 Short-term deat Total Ourrent abilities Long-term liabilities Tolal liabilies Tolal Camon stockholders' equily .......... Total liabilities and shareholders' equity 3 % 21.020 12060 33,0B0 3 % 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 $480 6,020 9,540 $16,040 17,040 $33,080 $7,170 6,840 $14,010 7,010 $21,020 12,060 $33,080 Patterson Printing Company Income Statement for the Year Ended December 31, 2016 Revenues $29,960 Cost of goods sold (20,010) Gross profit $9,950 Operating expenses (7,960) Net operating income $1,990 Interest expense (920) Earnings before taxes $1,070 Income taxes (389) Net income $681