BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,704 |
Shareholders' arrears receivable |
74 |
Miscellaneous receivables |
68 |
Prepaid expenses (Page 12) |
3,671 |
Contract work in progress (Note 13) |
197 |
Reserve fund (Page 12) |
12,191 |
Total current assets |
17,906 |
Land, Building and Equipment (Note 2) |
|
Land |
41,727 |
Building |
125,182 |
Building improvements |
37,172 |
Fixed equipment |
427 |
Oil burner |
420 |
Total land, building and equipment |
204,930 |
Less: accumulated depreciation |
139,668 |
Net land, building, equipment |
65,262 |
TOTAL ASSETS |
83,169 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,914 |
Maintenance received in advance |
177 |
New York State Franchise tax payable (Note 5) |
1 |
Shareholders' deposits payable |
122 |
Mortgage note payable- current (Note 3) |
2,832 |
Total current liabilities |
6,046 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
31,379 |
Total long term liabilities |
31,379 |
Total liabilities |
37,424 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,260 |
Paid in capital |
132,767 |
Accumulated deficit |
(88,283) |
Total stockholders equity |
45,744 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
83,169 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
31,227 |
Shareholder operating assessment (Note 9) |
2,646 |
Laundry income |
180 |
Interest and dividend income |
84 |
Late charges and miscellaneous income |
14 |
Total Revenue |
34,150 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,522 |
Operating expenses (Page 13) |
9,639 |
Maintenance expenses (Page 14) |
2,738 |
Taxes (Page 14) |
15,664 |
Financial expenses (Page 14) |
1,359 |
Total Expenses |
31,922 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
2,228 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,430) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
798 |
Beginning accumulated deficit |
(89,081) |
Ending accumulated deficit |
(88,283) |