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 22,000 End of the Year $618,000 211,000 407,000 89.600 22,000 You discovered that they have not adjusted for estimated bad debt expenses of $7,500. 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. A B C D E 123 Incorrect: Correct: ROA 15.34% 14.15% ROE 23.99% 4 Debt Ratio 34.14% 5 EPS $ 4.07 $ 3.73