BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,150 |
Shareholders' arrears receivable |
50 |
Miscellaneous receivables |
46 |
Prepaid expenses (Page 12) |
2,477 |
Contract work in progress (Note 13) |
133 |
Reserve fund (Page 12) |
8,224 |
Total current assets |
12,080 |
Land, Building and Equipment (Note 2) |
|
Land |
28,149 |
Building |
84,448 |
Building improvements |
25,077 |
Fixed equipment |
288 |
Oil burner |
283 |
Total land, building and equipment |
138,246 |
Less: accumulated depreciation |
94,220 |
Net land, building, equipment |
44,026 |
TOTAL ASSETS |
56,106 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,966 |
Maintenance received in advance |
120 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
82 |
Mortgage note payable- current (Note 3) |
1,910 |
Total current liabilities |
4,078 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
21,168 |
Total long term liabilities |
21,168 |
Total liabilities |
25,247 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
850 |
Paid in capital |
89,565 |
Accumulated deficit |
(59,556) |
Total stockholders equity |
30,859 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
56,106 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
21,066 |
Shareholder operating assessment (Note 9) |
1,785 |
Laundry income |
121 |
Interest and dividend income |
56 |
Late charges and miscellaneous income |
9 |
Total Revenue |
23,038 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,702 |
Operating expenses (Page 13) |
6,503 |
Maintenance expenses (Page 14) |
1,847 |
Taxes (Page 14) |
10,567 |
Financial expenses (Page 14) |
917 |
Total Expenses |
21,535 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,503 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(965) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
538 |
Beginning accumulated deficit |
(60,094) |
Ending accumulated deficit |
(59,556) |