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Fink Insurance collected premiums of $18,000,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $6 million to $8 million dollars during the year. What is Fink's revenue from insurance premiums recognized for the current year?

Respuesta :

Answer:

$16 million

Explanation:

Fink's revenue from insurance premiums recognized for the current year is premium collected by Fink Insurance minus the amount of increase in the Deferred premiums revenue account. This can be calculated as follows:

Amount of increase in the Deferred premiums revenue account = $8 million - $6 million = $2 million

Fink's revenue from insurance premiums recognized for the current year = $18 million - $2 million = $16 million

Therefore, Fink's revenue from insurance premiums recognized for the current year is $16 million.

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