BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,393 |
Shareholders' arrears receivable |
61 |
Miscellaneous receivables |
56 |
Prepaid expenses (Page 12) |
3,001 |
Contract work in progress (Note 13) |
161 |
Reserve fund (Page 12) |
9,966 |
Total current assets |
14,638 |
Land, Building and Equipment (Note 2) |
|
Land |
34,111 |
Building |
102,332 |
Building improvements |
30,387 |
Fixed equipment |
349 |
Oil burner |
344 |
Total land, building and equipment |
167,522 |
Less: accumulated depreciation |
114,173 |
Net land, building, equipment |
53,349 |
TOTAL ASSETS |
67,987 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,382 |
Maintenance received in advance |
145 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
100 |
Mortgage note payable- current (Note 3) |
2,315 |
Total current liabilities |
4,942 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
25,651 |
Total long term liabilities |
25,651 |
Total liabilities |
30,593 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,030 |
Paid in capital |
108,532 |
Accumulated deficit |
(72,168) |
Total stockholders equity |
37,394 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
67,987 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
25,527 |
Shareholder operating assessment (Note 9) |
2,163 |
Laundry income |
147 |
Interest and dividend income |
68 |
Late charges and miscellaneous income |
11 |
Total Revenue |
27,917 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,062 |
Operating expenses (Page 13) |
7,880 |
Maintenance expenses (Page 14) |
2,239 |
Taxes (Page 14) |
12,804 |
Financial expenses (Page 14) |
1,111 |
Total Expenses |
26,095 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,822 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,169) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
652 |
Beginning accumulated deficit |
(72,820) |
Ending accumulated deficit |
(72,168) |