The accounting department of your company has just delivered a draft of the current year's financial statements to you. The summary is as follows: Total Assets Total Liabilities Total Equity Net Income for the Year Common Shares Outstanding Beginning of the Year $550,000 210,000 340,000 End of the Year $624,000 201,000 423,000 95,500 22.000 22,000 You discovered that they have not adjusted for estimated bad debt expenses of $8,100. For each of the following ratios, calculate: 1. The ratio that would have resulted had the error not been discovered (i.e. the incorrect ratio). 2. The correct ratio. Answer is complete but not entirely correct. A B D E 1 2 ROA 3 Incorrect Correct 0.15% X 0.16% X 0.25% X 0.26% X 0.34% X 0.35% X $ 4.34 $ 3.97 ROE Debt Ratio EPS 4 5 6 7 8 9 10