BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,468 |
Shareholders' arrears receivable |
152 |
Miscellaneous receivables |
60 |
Prepaid expenses (Page 12) |
186 |
Contract work in progress (Note 13) |
1,192 |
Reserve fund (Page 12) |
5,483 |
Total current assets |
8,542 |
Land, Building and Equipment (Note 2) |
|
Land |
22,520 |
Building |
67,559 |
Building improvements |
20,519 |
Fixed equipment |
231 |
Oil burner |
227 |
Total land, building and equipment |
111,055 |
Less: accumulated depreciation |
76,090 |
Net land, building, equipment |
34,964 |
TOTAL ASSETS |
43,506 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,315 |
Maintenance received in advance |
92 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
96 |
Mortgage note payable- current (Note 3) |
1,579 |
Total current liabilities |
4,081 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
15,438 |
Total long term liabilities |
15,438 |
Total liabilities |
19,520 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
680 |
Paid in capital |
71,652 |
Accumulated deficit |
(48,346) |
Total stockholders equity |
23,987 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
43,506 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
17,308 |
Shareholder operating assessment (Note 9) |
1,489 |
Laundry income |
97 |
Interest and dividend income |
54 |
Late charges and miscellaneous income |
11 |
Total Revenue |
18,960 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,487 |
Operating expenses (Page 13) |
5,638 |
Maintenance expenses (Page 14) |
2,447 |
Taxes (Page 14) |
8,808 |
Financial expenses (Page 14) |
684 |
Total Expenses |
19,064 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(105) |
Add: Insurance proceeds (Page 14) |
196 |
Less: Depreciation (Page 14) |
(714) |
Less: Realized loss on securities (Page 14) |
(78) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(701) |
Beginning accumulated deficit |
(47,645) |
Ending accumulated deficit |
(48,346) |