BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
814 |
Shareholders' arrears receivable |
35 |
Miscellaneous receivables |
33 |
Prepaid expenses (Page 12) |
1,754 |
Contract work in progress (Note 13) |
94 |
Reserve fund (Page 12) |
5,825 |
Total current assets |
8,555 |
Land, Building and Equipment (Note 2) |
|
Land |
19,936 |
Building |
59,809 |
Building improvements |
17,760 |
Fixed equipment |
204 |
Oil burner |
201 |
Total land, building and equipment |
97,911 |
Less: accumulated depreciation |
66,730 |
Net land, building, equipment |
31,181 |
TOTAL ASSETS |
39,736 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,392 |
Maintenance received in advance |
85 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
58 |
Mortgage note payable- current (Note 3) |
1,353 |
Total current liabilities |
2,889 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,992 |
Total long term liabilities |
14,992 |
Total liabilities |
17,880 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
602 |
Paid in capital |
63,433 |
Accumulated deficit |
(42,180) |
Total stockholders equity |
21,856 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
39,736 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,920 |
Shareholder operating assessment (Note 9) |
1,264 |
Laundry income |
86 |
Interest and dividend income |
40 |
Late charges and miscellaneous income |
6 |
Total Revenue |
16,316 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,205 |
Operating expenses (Page 13) |
4,605 |
Maintenance expenses (Page 14) |
1,308 |
Taxes (Page 14) |
7,484 |
Financial expenses (Page 14) |
649 |
Total Expenses |
15,252 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,065 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(683) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
381 |
Beginning accumulated deficit |
(42,561) |
Ending accumulated deficit |
(42,180) |