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 End of the Year $550,000 $587,000 210,000 218,000 340,000 369,000 91,300 21,000 21,000 You discovered that they have not adjusted for estimated bad debt expenses of $9,900. For each of the following ratios, calculate. 1. The ratio that would have resulted had the error not been discovered (Le. the incorrect ratio). 2. The correct ratio. Answer is complete but not entirely correct. A B C 1 23 45 ROA ROE 6 EPS Incorrect: Correct: 16.06% 14.44% 25.75% 23.29% Debt Ratio 35.78% X 0.36% $ 4.35 3.88 D E