The figure above shows that in 2001 the budget was running a cash surplus but the accrual measure showed a large deficit.
It can be a number of months before a new business is profitable and generating a cash surplus.
Seven of the 20 utilities generated a cash surplus to partially finance investments.
"We don't have a substantial cash surplus," he said.
United's balance sheet is strong, with a cash surplus of $1.2 billion -considerably more than most airlines have.
The Canadian company, highly profitable in recent years, is reported to have a cash surplus of $800 million.
Accounting statements from the past were relevant only in so far as they provided some clue to future cash surpluses.
The project which shows the greatest cash surplus is the one preferred.
Of course, companies in many other industries are also enjoying a cash surplus.
Many of these institutions had substantial cash surpluses on hand in their checking accounts.
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