BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
906 |
Shareholders' arrears receivable |
39 |
Miscellaneous receivables |
36 |
Prepaid expenses (Page 12) |
1,952 |
Contract work in progress (Note 13) |
105 |
Reserve fund (Page 12) |
6,483 |
Total current assets |
9,522 |
Land, Building and Equipment (Note 2) |
|
Land |
22,188 |
Building |
66,565 |
Building improvements |
19,766 |
Fixed equipment |
227 |
Oil burner |
223 |
Total land, building and equipment |
108,971 |
Less: accumulated depreciation |
74,268 |
Net land, building, equipment |
34,703 |
TOTAL ASSETS |
44,225 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,549 |
Maintenance received in advance |
94 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
65 |
Mortgage note payable- current (Note 3) |
1,506 |
Total current liabilities |
3,215 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
16,685 |
Total long term liabilities |
16,685 |
Total liabilities |
19,900 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
670 |
Paid in capital |
70,599 |
Accumulated deficit |
(46,944) |
Total stockholders equity |
24,324 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
44,225 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
16,605 |
Shareholder operating assessment (Note 9) |
1,407 |
Laundry income |
96 |
Interest and dividend income |
44 |
Late charges and miscellaneous income |
7 |
Total Revenue |
18,159 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,341 |
Operating expenses (Page 13) |
5,126 |
Maintenance expenses (Page 14) |
1,456 |
Taxes (Page 14) |
8,329 |
Financial expenses (Page 14) |
722 |
Total Expenses |
16,974 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,185 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(761) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
424 |
Beginning accumulated deficit |
(47,368) |
Ending accumulated deficit |
(46,944) |