BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,352 |
Shareholders' arrears receivable |
59 |
Miscellaneous receivables |
54 |
Prepaid expenses (Page 12) |
2,914 |
Contract work in progress (Note 13) |
156 |
Reserve fund (Page 12) |
9,676 |
Total current assets |
14,211 |
Land, Building and Equipment (Note 2) |
|
Land |
33,117 |
Building |
99,351 |
Building improvements |
29,502 |
Fixed equipment |
339 |
Oil burner |
334 |
Total land, building and equipment |
162,643 |
Less: accumulated depreciation |
110,847 |
Net land, building, equipment |
51,795 |
TOTAL ASSETS |
66,007 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,312 |
Maintenance received in advance |
141 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
97 |
Mortgage note payable- current (Note 3) |
2,247 |
Total current liabilities |
4,798 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
24,904 |
Total long term liabilities |
24,904 |
Total liabilities |
29,702 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,000 |
Paid in capital |
105,371 |
Accumulated deficit |
(70,066) |
Total stockholders equity |
36,305 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
66,007 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
24,784 |
Shareholder operating assessment (Note 9) |
2,100 |
Laundry income |
143 |
Interest and dividend income |
66 |
Late charges and miscellaneous income |
11 |
Total Revenue |
27,104 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,002 |
Operating expenses (Page 13) |
7,650 |
Maintenance expenses (Page 14) |
2,173 |
Taxes (Page 14) |
12,431 |
Financial expenses (Page 14) |
1,078 |
Total Expenses |
25,335 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,769 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,135) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
633 |
Beginning accumulated deficit |
(70,699) |
Ending accumulated deficit |
(70,066) |