Fink Insurance Collected Premiums of $18,000,000 from Its Customers During

question 53

Multiple Choice

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

• A)$10,000,000.
• B)$16,000,000.
• C)$18,000,000.
• D)$20,000,000.

Understand the implications of payments on liabilities.

Identify the normal balances of different account types.

Recognize the steps involved in recording business transactions.

Analyze changes in owner's capital.

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Definitions:

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