BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,413 |
Shareholders' arrears receivable |
61 |
Miscellaneous receivables |
56 |
Prepaid expenses (Page 12) |
3,045 |
Contract work in progress (Note 13) |
164 |
Reserve fund (Page 12) |
10,111 |
Total current assets |
14,851 |
Land, Building and Equipment (Note 2) |
|
Land |
34,607 |
Building |
103,822 |
Building improvements |
30,829 |
Fixed equipment |
354 |
Oil burner |
349 |
Total land, building and equipment |
169,962 |
Less: accumulated depreciation |
115,835 |
Net land, building, equipment |
54,126 |
TOTAL ASSETS |
68,977 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,416 |
Maintenance received in advance |
147 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
101 |
Mortgage note payable- current (Note 3) |
2,349 |
Total current liabilities |
5,014 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
26,024 |
Total long term liabilities |
26,024 |
Total liabilities |
31,038 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,045 |
Paid in capital |
110,113 |
Accumulated deficit |
(73,219) |
Total stockholders equity |
37,939 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
68,977 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
25,899 |
Shareholder operating assessment (Note 9) |
2,194 |
Laundry income |
149 |
Interest and dividend income |
69 |
Late charges and miscellaneous income |
11 |
Total Revenue |
28,323 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,092 |
Operating expenses (Page 13) |
7,994 |
Maintenance expenses (Page 14) |
2,271 |
Taxes (Page 14) |
12,991 |
Financial expenses (Page 14) |
1,127 |
Total Expenses |
26,475 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,848 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,186) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
662 |
Beginning accumulated deficit |
(73,881) |
Ending accumulated deficit |
(73,219) |