Ask Question
16 August, 20:14

Fink Insurance collected premiums of $17,900,000 from its customers during the current year. The adjusted balance in the Deferred premiums account increased from $4.0 million to $8.4 million dollars during the year. What is Fink's revenue from insurance premiums recognized for the current year? a. $22,300,000. b. $9,500,000. c. $13,500,000. d. $17,900,000.

+2
Answers (1)
  1. 16 August, 23:32
    0
    Fink's revenue from insurance premiums for the current year is: $13,500,000

    Explanation:

    Insurance premiums recognised for the current year -

    Insurance collected + Beginning Deferred premiums account - Ending Deferred premiums account

    = $ 17,900,000 + 4,000,000 - 8,400,000 = $13,500,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Fink Insurance collected premiums of $17,900,000 from its customers during the current year. The adjusted balance in the Deferred premiums ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers