BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,014 |
Shareholders' arrears receivable |
44 |
Miscellaneous receivables |
41 |
Prepaid expenses (Page 12) |
2,185 |
Contract work in progress (Note 13) |
117 |
Reserve fund (Page 12) |
7,257 |
Total current assets |
10,659 |
Land, Building and Equipment (Note 2) |
|
Land |
24,838 |
Building |
74,513 |
Building improvements |
22,126 |
Fixed equipment |
254 |
Oil burner |
250 |
Total land, building and equipment |
121,982 |
Less: accumulated depreciation |
83,136 |
Net land, building, equipment |
38,847 |
TOTAL ASSETS |
49,505 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,734 |
Maintenance received in advance |
106 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
73 |
Mortgage note payable- current (Note 3) |
1,686 |
Total current liabilities |
3,599 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
18,678 |
Total long term liabilities |
18,678 |
Total liabilities |
22,276 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
750 |
Paid in capital |
79,028 |
Accumulated deficit |
(52,549) |
Total stockholders equity |
27,229 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
49,505 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
18,588 |
Shareholder operating assessment (Note 9) |
1,575 |
Laundry income |
107 |
Interest and dividend income |
50 |
Late charges and miscellaneous income |
8 |
Total Revenue |
20,328 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,501 |
Operating expenses (Page 13) |
5,738 |
Maintenance expenses (Page 14) |
1,630 |
Taxes (Page 14) |
9,324 |
Financial expenses (Page 14) |
809 |
Total Expenses |
19,001 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,326 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(851) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
475 |
Beginning accumulated deficit |
(53,024) |
Ending accumulated deficit |
(52,549) |