BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
933 |
Shareholders' arrears receivable |
41 |
Miscellaneous receivables |
37 |
Prepaid expenses (Page 12) |
2,011 |
Contract work in progress (Note 13) |
108 |
Reserve fund (Page 12) |
6,676 |
Total current assets |
9,806 |
Land, Building and Equipment (Note 2) |
|
Land |
22,851 |
Building |
68,552 |
Building improvements |
20,356 |
Fixed equipment |
234 |
Oil burner |
230 |
Total land, building and equipment |
112,223 |
Less: accumulated depreciation |
76,485 |
Net land, building, equipment |
35,739 |
TOTAL ASSETS |
45,545 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,596 |
Maintenance received in advance |
97 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
67 |
Mortgage note payable- current (Note 3) |
1,551 |
Total current liabilities |
3,311 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
17,183 |
Total long term liabilities |
17,183 |
Total liabilities |
20,494 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
690 |
Paid in capital |
72,706 |
Accumulated deficit |
(48,346) |
Total stockholders equity |
25,050 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
45,545 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
17,101 |
Shareholder operating assessment (Note 9) |
1,449 |
Laundry income |
99 |
Interest and dividend income |
46 |
Late charges and miscellaneous income |
7 |
Total Revenue |
18,701 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,381 |
Operating expenses (Page 13) |
5,279 |
Maintenance expenses (Page 14) |
1,500 |
Taxes (Page 14) |
8,578 |
Financial expenses (Page 14) |
744 |
Total Expenses |
17,481 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,220 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(783) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
437 |
Beginning accumulated deficit |
(48,782) |
Ending accumulated deficit |
(48,346) |