BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,332 |
Shareholders' arrears receivable |
58 |
Miscellaneous receivables |
53 |
Prepaid expenses (Page 12) |
2,870 |
Contract work in progress (Note 13) |
154 |
Reserve fund (Page 12) |
9,531 |
Total current assets |
13,998 |
Land, Building and Equipment (Note 2) |
|
Land |
32,620 |
Building |
97,861 |
Building improvements |
29,059 |
Fixed equipment |
334 |
Oil burner |
329 |
Total land, building and equipment |
160,203 |
Less: accumulated depreciation |
109,185 |
Net land, building, equipment |
51,018 |
TOTAL ASSETS |
65,017 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,278 |
Maintenance received in advance |
139 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
95 |
Mortgage note payable- current (Note 3) |
2,214 |
Total current liabilities |
4,726 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
24,530 |
Total long term liabilities |
24,530 |
Total liabilities |
29,256 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
985 |
Paid in capital |
103,790 |
Accumulated deficit |
(69,015) |
Total stockholders equity |
35,760 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
65,017 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
24,412 |
Shareholder operating assessment (Note 9) |
2,068 |
Laundry income |
141 |
Interest and dividend income |
65 |
Late charges and miscellaneous income |
11 |
Total Revenue |
26,697 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,972 |
Operating expenses (Page 13) |
7,535 |
Maintenance expenses (Page 14) |
2,141 |
Taxes (Page 14) |
12,245 |
Financial expenses (Page 14) |
1,062 |
Total Expenses |
24,955 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,742 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,118) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
624 |
Beginning accumulated deficit |
(69,639) |
Ending accumulated deficit |
(69,015) |