Shu et al. Leverage Index (LVGI) Total Accruals to Total Assets (TATA) 1.636 -0.089 0.227 4.986 -0.102 -0.346 Fig. 2. Beneish M-score Calculation (2019- 2021) The chart below shows the comparison between the M-score and the financial state- ment of Luckin Coffee. Since its fraudulent ...