Fall 2017 #10 vs Spring 2016 #15
I tend to get confused in problems like these compared to a problem like Spring 2016 #15. In this problem, what is to stop me from thinking the AY16 losses incurred and AY15 losses incurred shouldn't both be used to find Net Income as if its the AY15 losses that were incurred in CY16 (subtracting off the 250, 50, 105, etc. from 2015). In Spring 2016#15 you DO take the numbers to be represented like that & I am really struggling to look at a problem with this kind of structure and know if the incurred amount is for AY_x-1 in CY_x or if it's just the cumulative losses incurred in CY_x at year-end.
I do see that Spring 2016 #15 is Schedule P, is that just a quirk of Schedule P? Are there any details of a problem that you look for to tell you the losses are CY-specifc or just be summed over AYs?
Comments
Spring 2019 #10 is another one very similar to Spring 2016 #15. We are supposed to know to sum the amounts from both years given, just seems odd to instinctively know to not do that for Fal 2017 #10. There must be some que I am not catching on to.
Yes, exactly because 2016.S.15 figures are from Schedule P.
In 2017.F.10, the years are calendar years, not accident years. You can tell this from the fact that the given items are Income Statement items, not Schedule P items.