PAST PAPERS ENG 301

X5 = Sales / total assets. The Analysis: The Z-score was developed from an analysis of 33 – Bankrupt manufacturing companies with average assets of $6.4 million, and, as controls, another 33 companies with assets between $1 million and $25 million. Atman’s Z-score calculates 5 ratios, 1 return on total assets. 2 sales to total assets ................
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