| BALANCE SHEET |
|
| ASSETS |
|
| Current Assets |
|
| Cash in bank- operating accounts |
790 |
| Shareholders' arrears receivable |
34 |
| Miscellaneous receivables |
32 |
| Prepaid expenses (Page 12) |
1,702 |
| Contract work in progress (Note 13) |
91 |
| Reserve fund (Page 12) |
5,651 |
| Total current assets |
8,299 |
| Land, Building and Equipment (Note 2) |
|
| Land |
19,340 |
| Building |
58,021 |
| Building improvements |
17,229 |
| Fixed equipment |
198 |
| Oil burner |
195 |
| Total land, building and equipment |
94,983 |
| Less: accumulated depreciation |
64,735 |
| Net land, building, equipment |
30,249 |
| TOTAL ASSETS |
38,548 |
| LIABILITIES |
|
| Current Liabilities |
|
| Accounts payable and accrued expenses (Page 12) |
1,350 |
| Maintenance received in advance |
82 |
| New York State Franchise tax payable (Note 5) |
-0- |
| Shareholders' deposits payable |
57 |
| Mortgage note payable- current (Note 3) |
1,313 |
| Total current liabilities |
2,802 |
| Long Term Liabilities |
|
| Mortgage note payable. (Notes 3 & 12) |
14,544 |
| Total long term liabilities |
14,544 |
| Total liabilities |
17,346 |
| STOCKHOLDERS' EQUITY |
|
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
584 |
| Paid in capital |
61,537 |
| Accumulated deficit |
(40,919) |
| Total stockholders equity |
21,202 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
38,548 |