Revenues: Premiums Written* Premiums Earned Investment Income: Interest Dividends Rental Income Gain on Sale of Securities Expenses: Total Investment Income Total Revenues Net Losses Incurred ABC Insurance Company Income and Expense Statement January 1, 2012-December 31, 2012 Loss Adjustment Expenses Total Losses and Loss Adj. Expenses Commissions Premium Taxes General Insurance Expenses Total Underwriting Expenses Total Expenses Net Income Before Taxes Federal Income Tax Net Income a. Loss ratio b. Expense ratio c. Investment income ratio $206,000,000 14,000,000 2,400,000 600,000 1,000,000 133,600,000 14,000,000 18,000,000 5,050,000 41,590,000 $205,000,000 18,000,000 147,600,000 64,640,000 $223,000,000 *Premiums written reflect coverage put in force during the accounting period. Use the income statement to measure the profit and loss of the company.Compute: 212,240,000 10,760,000 3,260,000 7,500,000
Revenues: Premiums Written* Premiums Earned Investment Income: Interest Dividends Rental Income Gain on Sale of Securities Expenses: Total Investment Income Total Revenues Net Losses Incurred ABC Insurance Company Income and Expense Statement January 1, 2012-December 31, 2012 Loss Adjustment Expenses Total Losses and Loss Adj. Expenses Commissions Premium Taxes General Insurance Expenses Total Underwriting Expenses Total Expenses Net Income Before Taxes Federal Income Tax Net Income a. Loss ratio b. Expense ratio c. Investment income ratio $206,000,000 14,000,000 2,400,000 600,000 1,000,000 133,600,000 14,000,000 18,000,000 5,050,000 41,590,000 $205,000,000 18,000,000 147,600,000 64,640,000 $223,000,000 *Premiums written reflect coverage put in force during the accounting period. Use the income statement to measure the profit and loss of the company.Compute: 212,240,000 10,760,000 3,260,000 7,500,000
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter13: Marketable Securities And Derivatives
Section: Chapter Questions
Problem 26P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning