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. 3. Altman (1968) formulated the Z Score as follows Z = 0.012X, + 0.014X2 +.0033X3+ .006X4 + .999X5 Where X1: Working Capital / Total

. 3. Altman (1968) formulated the Z Score as follows Z = 0.012X, + 0.014X2 +.0033X3+ .006X4 + .999X5 Where X1: Working Capital / Total Assets X2: Balance Sheet Retained Earnings / Total Assets X3: E...

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