BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
2,127 |
Shareholders' arrears receivable |
221 |
Miscellaneous receivables |
87 |
Prepaid expenses (Page 12) |
270 |
Contract work in progress (Note 13) |
1,727 |
Reserve fund (Page 12) |
7,942 |
Total current assets |
12,374 |
Land, Building and Equipment (Note 2) |
|
Land |
32,620 |
Building |
97,861 |
Building improvements |
29,722 |
Fixed equipment |
334 |
Oil burner |
329 |
Total land, building and equipment |
160,866 |
Less: accumulated depreciation |
110,219 |
Net land, building, equipment |
50,646 |
TOTAL ASSETS |
63,020 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
3,353 |
Maintenance received in advance |
133 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
139 |
Mortgage note payable- current (Note 3) |
2,287 |
Total current liabilities |
5,912 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
22,363 |
Total long term liabilities |
22,363 |
Total liabilities |
28,275 |
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 |
(70,030) |
Total stockholders equity |
34,745 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
63,020 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
25,071 |
Shareholder operating assessment (Note 9) |
2,157 |
Laundry income |
141 |
Interest and dividend income |
79 |
Late charges and miscellaneous income |
16 |
Total Revenue |
27,464 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,155 |
Operating expenses (Page 13) |
8,167 |
Maintenance expenses (Page 14) |
3,544 |
Taxes (Page 14) |
12,759 |
Financial expenses (Page 14) |
991 |
Total Expenses |
27,615 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(152) |
Add: Insurance proceeds (Page 14) |
284 |
Less: Depreciation (Page 14) |
(1,035) |
Less: Realized loss on securities (Page 14) |
(113) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(1,015) |
Beginning accumulated deficit |
(69,015) |
Ending accumulated deficit |
(70,030) |