BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
744 |
Shareholders' arrears receivable |
32 |
Miscellaneous receivables |
30 |
Prepaid expenses (Page 12) |
1,603 |
Contract work in progress (Note 13) |
86 |
Reserve fund (Page 12) |
5,322 |
Total current assets |
7,816 |
Land, Building and Equipment (Note 2) |
|
Land |
18,214 |
Building |
54,643 |
Building improvements |
16,226 |
Fixed equipment |
187 |
Oil burner |
183 |
Total land, building and equipment |
89,453 |
Less: accumulated depreciation |
60,966 |
Net land, building, equipment |
28,487 |
TOTAL ASSETS |
36,304 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,272 |
Maintenance received in advance |
77 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
53 |
Mortgage note payable- current (Note 3) |
1,236 |
Total current liabilities |
2,639 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
13,697 |
Total long term liabilities |
13,697 |
Total liabilities |
16,336 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
550 |
Paid in capital |
57,954 |
Accumulated deficit |
(38,536) |
Total stockholders equity |
19,968 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
36,304 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
13,631 |
Shareholder operating assessment (Note 9) |
1,155 |
Laundry income |
79 |
Interest and dividend income |
36 |
Late charges and miscellaneous income |
6 |
Total Revenue |
14,907 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,101 |
Operating expenses (Page 13) |
4,208 |
Maintenance expenses (Page 14) |
1,195 |
Taxes (Page 14) |
6,837 |
Financial expenses (Page 14) |
593 |
Total Expenses |
13,934 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
973 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(624) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
348 |
Beginning accumulated deficit |
(38,885) |
Ending accumulated deficit |
(38,536) |