BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
760 |
Shareholders' arrears receivable |
33 |
Miscellaneous receivables |
30 |
Prepaid expenses (Page 12) |
1,638 |
Contract work in progress (Note 13) |
88 |
Reserve fund (Page 12) |
5,438 |
Total current assets |
7,987 |
Land, Building and Equipment (Note 2) |
|
Land |
18,612 |
Building |
55,835 |
Building improvements |
16,580 |
Fixed equipment |
191 |
Oil burner |
187 |
Total land, building and equipment |
91,405 |
Less: accumulated depreciation |
62,296 |
Net land, building, equipment |
29,109 |
TOTAL ASSETS |
37,096 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,300 |
Maintenance received in advance |
79 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
54 |
Mortgage note payable- current (Note 3) |
1,263 |
Total current liabilities |
2,697 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
13,996 |
Total long term liabilities |
13,996 |
Total liabilities |
16,692 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
562 |
Paid in capital |
59,218 |
Accumulated deficit |
(39,377) |
Total stockholders equity |
20,403 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
37,096 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
13,928 |
Shareholder operating assessment (Note 9) |
1,180 |
Laundry income |
80 |
Interest and dividend income |
37 |
Late charges and miscellaneous income |
6 |
Total Revenue |
15,232 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,125 |
Operating expenses (Page 13) |
4,299 |
Maintenance expenses (Page 14) |
1,221 |
Taxes (Page 14) |
6,987 |
Financial expenses (Page 14) |
606 |
Total Expenses |
14,238 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
994 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(638) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
356 |
Beginning accumulated deficit |
(39,733) |
Ending accumulated deficit |
(39,377) |