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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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