Bisnis Identik dengan Kegagalan, Mengapa?

Net Working Capital to Total Asset

Retained Earnings to Total Assets

Earning Before Interest and Tax to Total Asset

Market Value of Equity to Book Value of Debt

Sales to Total Asset.

Secara matematis persamaan Altman Z-Score tersebut dapat dirumuskan sebagai berikut: (Toto Prihadi 2010:336)

Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 + 1,0X5

Dimana:

X1: Working Capital to Total Asset (Modal kerja dibagi total aktiva)

X2: Retained Earnings to Total Assets (Laba ditahan dibagi total aktiva)

X3: Earnings Before Interest and Taxes to Total Assets (Laba sebelum pajak dan bunga dibagi total aktiva)