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14 February, 09:09

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.

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  1. 14 February, 09:35
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    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
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