7-43 Comprehensive Cash Budgeting son, treasurer of Salt Lake Light Opera (SLLO), was preparing a loan request to the National Bank in December 20X4. The loan was necessary to meet the cash needs of the 20X5. In a few short years, the SLLO had established itself as a premier opera com- SLLO for year nany. In addition to its regular subscription series, it started a series for productioar new composers and offered a was the most financially successful of the stiO's activities, providing a base to support innovative productions that were artistically important to the SLLO but did not usually succeed financially In total, the SLLO had done well financially, as shown in Exhibits 7-14 and 7-15. Its profitable operations had enabled it to build its own building and generally acquire a large number of assets. It had at least broken even every year since its incorporation, and management anticipates continued riguolt 20X2 20x4 20x3 Assets S 208 4,440 500 S 5,148 5,809 $2,688 2,942 700 6,330 2,643 8,973 S 229 3,372 700 Accounts receivable Supplies inventory Total current assets Plant and equipment Total assets Liabilities and Equities Bank loan Accounts payable Accrued payroll expenses Mortgage, current Total current liabilities 4,838 9,139 1,620* 780 646 250 3,296 o bra to b 720 583 250 $1,553 420 472 250 270 3,750 3,811 $8.973 Other payables Mortgage payable, long-term 3,250 4,411 $10,957 3,500 4,086 $9,139 EOS3 Net assets Total liabilities and equities Includes $32,000 of accrued interest The "Net assets' account for a nonprofit organization is similar to "Stockholders' equity" for a corporation. 7-43 Comprehensive Cash Budgeting son, treasurer of Salt Lake Light Opera (SLLO), was preparing a loan request to the National Bank in December 20X4. The loan was necessary to meet the cash needs of the 20X5. In a few short years, the SLLO had established itself as a premier opera com- SLLO for year nany. In addition to its regular subscription series, it started a series for productioar new composers and offered a was the most financially successful of the stiO's activities, providing a base to support innovative productions that were artistically important to the SLLO but did not usually succeed financially In total, the SLLO had done well financially, as shown in Exhibits 7-14 and 7-15. Its profitable operations had enabled it to build its own building and generally acquire a large number of assets. It had at least broken even every year since its incorporation, and management anticipates continued riguolt 20X2 20x4 20x3 Assets S 208 4,440 500 S 5,148 5,809 $2,688 2,942 700 6,330 2,643 8,973 S 229 3,372 700 Accounts receivable Supplies inventory Total current assets Plant and equipment Total assets Liabilities and Equities Bank loan Accounts payable Accrued payroll expenses Mortgage, current Total current liabilities 4,838 9,139 1,620* 780 646 250 3,296 o bra to b 720 583 250 $1,553 420 472 250 270 3,750 3,811 $8.973 Other payables Mortgage payable, long-term 3,250 4,411 $10,957 3,500 4,086 $9,139 EOS3 Net assets Total liabilities and equities Includes $32,000 of accrued interest The "Net assets' account for a nonprofit organization is similar to "Stockholders' equity" for a corporation