BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,373 |
Shareholders' arrears receivable |
60 |
Miscellaneous receivables |
55 |
Prepaid expenses (Page 12) |
2,958 |
Contract work in progress (Note 13) |
159 |
Reserve fund (Page 12) |
9,821 |
Total current assets |
14,425 |
Land, Building and Equipment (Note 2) |
|
Land |
33,614 |
Building |
100,841 |
Building improvements |
29,944 |
Fixed equipment |
344 |
Oil burner |
339 |
Total land, building and equipment |
165,082 |
Less: accumulated depreciation |
112,510 |
Net land, building, equipment |
52,572 |
TOTAL ASSETS |
66,997 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,347 |
Maintenance received in advance |
143 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
98 |
Mortgage note payable- current (Note 3) |
2,281 |
Total current liabilities |
4,870 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
25,277 |
Total long term liabilities |
25,277 |
Total liabilities |
30,147 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,015 |
Paid in capital |
106,952 |
Accumulated deficit |
(71,117) |
Total stockholders equity |
36,850 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
66,997 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
25,155 |
Shareholder operating assessment (Note 9) |
2,131 |
Laundry income |
145 |
Interest and dividend income |
67 |
Late charges and miscellaneous income |
11 |
Total Revenue |
27,510 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,032 |
Operating expenses (Page 13) |
7,765 |
Maintenance expenses (Page 14) |
2,206 |
Taxes (Page 14) |
12,618 |
Financial expenses (Page 14) |
1,094 |
Total Expenses |
25,715 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,795 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,152) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
643 |
Beginning accumulated deficit |
(71,760) |
Ending accumulated deficit |
(71,117) |