Use the common-size financial statements found here:

Common-Size Balance Sheet		2016
Cash and marketable securities	$	480	1.5	%
Accounts receivable		6,030	18.3
Inventory		9,500	28.8
Total current assets	$	16,010	48.5	%
Net property, plant, and equipment		17,000	51.5
Total assets	$	33,010	100.0	%
Accounts payable	$	7,160	21.7	%
Short-term notes		6,830	20.7
Total current liabilities	$	13,990	42.4	%
Long-term liabilities		7,010	21.2
Total liabilities	$	21,000	63.6	%
Total common shareholders equity		12,010	36.4
Total liabilities and shareholders equity	$	33,010	100.0	%

Common-Size Income Statement		2016
Revenues	$	29,980	100.0	%
Cost of goods sold		(19,960)	66.6
Gross profit	$	10,020	33.4	%
Operating expenses		(8,030)	26.8
Net operating income	$	1,990	6.6	%
Interest expense		(880)	2.9
Earnings before taxes	$	1,110	3.7	%
Income taxes		(404)	1.3
Net income	$	706	2.4	%

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.