BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,157 |
Shareholders' arrears receivable |
120 |
Miscellaneous receivables |
48 |
Prepaid expenses (Page 12) |
147 |
Contract work in progress (Note 13) |
940 |
Reserve fund (Page 12) |
4,322 |
Total current assets |
6,733 |
Land, Building and Equipment (Note 2) |
|
Land |
17,751 |
Building |
53,252 |
Building improvements |
16,174 |
Fixed equipment |
182 |
Oil burner |
179 |
Total land, building and equipment |
87,537 |
Less: accumulated depreciation |
59,977 |
Net land, building, equipment |
27,560 |
TOTAL ASSETS |
34,293 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,825 |
Maintenance received in advance |
72 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
76 |
Mortgage note payable- current (Note 3) |
1,244 |
Total current liabilities |
3,217 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
12,169 |
Total long term liabilities |
12,169 |
Total liabilities |
15,386 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
536 |
Paid in capital |
56,479 |
Accumulated deficit |
(38,108) |
Total stockholders equity |
18,907 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
34,293 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
13,643 |
Shareholder operating assessment (Note 9) |
1,174 |
Laundry income |
77 |
Interest and dividend income |
43 |
Late charges and miscellaneous income |
9 |
Total Revenue |
14,945 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,172 |
Operating expenses (Page 13) |
4,444 |
Maintenance expenses (Page 14) |
1,929 |
Taxes (Page 14) |
6,943 |
Financial expenses (Page 14) |
539 |
Total Expenses |
15,027 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(83) |
Add: Insurance proceeds (Page 14) |
155 |
Less: Depreciation (Page 14) |
(563) |
Less: Realized loss on securities (Page 14) |
(61) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(552) |
Beginning accumulated deficit |
(37,555) |
Ending accumulated deficit |
(38,108) |