BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
2,159 |
Shareholders' arrears receivable |
224 |
Miscellaneous receivables |
89 |
Prepaid expenses (Page 12) |
274 |
Contract work in progress (Note 13) |
1,753 |
Reserve fund (Page 12) |
8,063 |
Total current assets |
12,562 |
Land, Building and Equipment (Note 2) |
|
Land |
33,117 |
Building |
99,351 |
Building improvements |
30,175 |
Fixed equipment |
339 |
Oil burner |
334 |
Total land, building and equipment |
163,315 |
Less: accumulated depreciation |
111,898 |
Net land, building, equipment |
51,418 |
TOTAL ASSETS |
63,980 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
3,404 |
Maintenance received in advance |
135 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
141 |
Mortgage note payable- current (Note 3) |
2,322 |
Total current liabilities |
6,002 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
22,703 |
Total long term liabilities |
22,703 |
Total liabilities |
28,705 |
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 |
(71,096) |
Total stockholders equity |
35,274 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
63,980 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
25,453 |
Shareholder operating assessment (Note 9) |
2,190 |
Laundry income |
143 |
Interest and dividend income |
80 |
Late charges and miscellaneous income |
16 |
Total Revenue |
27,882 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,187 |
Operating expenses (Page 13) |
8,291 |
Maintenance expenses (Page 14) |
3,598 |
Taxes (Page 14) |
12,953 |
Financial expenses (Page 14) |
1,006 |
Total Expenses |
28,036 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(154) |
Add: Insurance proceeds (Page 14) |
288 |
Less: Depreciation (Page 14) |
(1,050) |
Less: Realized loss on securities (Page 14) |
(115) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(1,031) |
Beginning accumulated deficit |
(70,066) |
Ending accumulated deficit |
(71,096) |