BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,598 |
Shareholders' arrears receivable |
166 |
Miscellaneous receivables |
66 |
Prepaid expenses (Page 12) |
203 |
Contract work in progress (Note 13) |
1,298 |
Reserve fund (Page 12) |
5,967 |
Total current assets |
9,296 |
Land, Building and Equipment (Note 2) |
|
Land |
24,507 |
Building |
73,520 |
Building improvements |
22,329 |
Fixed equipment |
251 |
Oil burner |
247 |
Total land, building and equipment |
120,853 |
Less: accumulated depreciation |
82,804 |
Net land, building, equipment |
38,049 |
TOTAL ASSETS |
47,345 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,519 |
Maintenance received in advance |
100 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
105 |
Mortgage note payable- current (Note 3) |
1,718 |
Total current liabilities |
4,442 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
16,800 |
Total long term liabilities |
16,800 |
Total liabilities |
21,242 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
740 |
Paid in capital |
77,974 |
Accumulated deficit |
(52,611) |
Total stockholders equity |
26,103 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
47,345 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
18,835 |
Shareholder operating assessment (Note 9) |
1,621 |
Laundry income |
106 |
Interest and dividend income |
59 |
Late charges and miscellaneous income |
12 |
Total Revenue |
20,633 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,619 |
Operating expenses (Page 13) |
6,135 |
Maintenance expenses (Page 14) |
2,663 |
Taxes (Page 14) |
9,585 |
Financial expenses (Page 14) |
745 |
Total Expenses |
20,747 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(114) |
Add: Insurance proceeds (Page 14) |
213 |
Less: Depreciation (Page 14) |
(777) |
Less: Realized loss on securities (Page 14) |
(85) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(763) |
Beginning accumulated deficit |
(51,849) |
Ending accumulated deficit |
(52,611) |