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STATE OF NEW YORK INSURANCE DEPARTMENT REPORT ON EXAMINATION OF THE FIRST RELIANCE STANDARD LIFE INSURANCE COMPANY AS OF DECEMBER 31, 2003DATE OF REPORT:APRIL 15, 2005EXAMINER:JOHN LETOURNEAUTABLE

How to fill out capital and surplus account

How to fill out capital and surplus account:

1. Start by gathering all relevant financial documents, such as balance sheets, income statements, and cash flow statements.
2. Identify and record the initial capital investment in the account. This typically includes any cash or assets contributed by the business owners or shareholders.
3. Record any additional capital contributions made during the accounting period. This could include investments made by owners or shareholders or any retained earnings that are reinvested into the business.
4. Deduct any withdrawals or distributions made from the capital account. This could be in the form of dividends or distributions to owners or shareholders.
5. Calculate the net income or loss for the accounting period and record it in the surplus account. If the business has a profit, the surplus account will increase, and if there is a loss, it will decrease.
6. Include any adjustments or corrections that need to be made to accurately reflect the capital and surplus account balances.
7. Reconcile the capital and surplus account balances with other financial statements to ensure accuracy and consistency.

Who needs capital and surplus account:

1. Small business owners: Capital and surplus account is essential for small business owners who need to track the financial health and performance of their business. It helps them determine the amount of capital invested and track any additional contributions or withdrawals made.
2. Shareholders: For companies with multiple shareholders, the capital and surplus account provides transparency and accountability. It allows shareholders to understand the financial position of the business and assess their investment.
3. Financial institutions: Capital and surplus account is often required by financial institutions when analyzing a business for loan or investment purposes. It helps them assess the business's financial stability and ability to meet its obligations.
4. Auditors and accountants: Professionals responsible for auditing or preparing financial statements rely on the capital and surplus account to accurately reflect the financial position and performance of a business. It serves as a key component in the preparation of financial reports and statements.

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What is capital and surplus account?

Capital and surplus account is a financial statement that shows the amount of money invested in a company by its shareholders, as well as any additional funds that the company has accumulated over time.

Who is required to file capital and surplus account?

Companies that are publicly traded or regulated by financial authorities are generally required to file capital and surplus account.

How to fill out capital and surplus account?

To fill out a capital and surplus account, companies typically need to include information about their total assets, liabilities, shareholders' equity, and any additional funds invested in the company.

What is the purpose of capital and surplus account?

The purpose of a capital and surplus account is to provide investors, regulators, and other stakeholders with a clear picture of a company's financial health and resources.

What information must be reported on capital and surplus account?

Information that must be reported on a capital and surplus account typically includes details about shareholders' equity, reserves, and any additional funds invested in the company.