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.

2016 490 1.5 % 18.2 5,980 9,520 15,990 28.9 GA 48.5 % 16,950 51.5 $ 32,940 100.0 % Common-Size Balance Sheet Cash and marketable securities Accounts receivable Inventory Total current assets Net property, plant, and equipment Total assets Accounts payable Short-term notes Total current liabilities Long-term liabilities Total liabilities Total common shareholders' equity Total liabilities and shareholders' equity GA 7,150 21.7 % 6,810 20.7 $ 42.4 % 13,960 6,990 20,950 21.2 $ 63.6 % 11,990 36.4 $ 32,940 100.0 % 2016 100.0 % 30,030 (19,980) 66.5 $ 33.5 % Common-Size Income Statement Revenues Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes Income taxes 26.7 10,050 (8,020) 2,030 (900) $ 6.8 % 3.0 $ 1,130 3.8 % (411) 1.4 Net income $ 719 2.4 %