BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,758 |
Shareholders' arrears receivable |
76 |
Miscellaneous receivables |
70 |
Prepaid expenses (Page 12) |
3,788 |
Contract work in progress (Note 13) |
203 |
Reserve fund (Page 12) |
12,579 |
Total current assets |
18,475 |
Land, Building and Equipment (Note 2) |
|
Land |
43,052 |
Building |
129,156 |
Building improvements |
38,352 |
Fixed equipment |
441 |
Oil burner |
434 |
Total land, building and equipment |
211,436 |
Less: accumulated depreciation |
144,102 |
Net land, building, equipment |
67,334 |
TOTAL ASSETS |
85,809 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
3,006 |
Maintenance received in advance |
183 |
New York State Franchise tax payable (Note 5) |
1 |
Shareholders' deposits payable |
126 |
Mortgage note payable- current (Note 3) |
2,922 |
Total current liabilities |
6,238 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
32,375 |
Total long term liabilities |
32,375 |
Total liabilities |
38,612 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,300 |
Paid in capital |
136,982 |
Accumulated deficit |
(91,086) |
Total stockholders equity |
47,196 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
85,809 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
32,219 |
Shareholder operating assessment (Note 9) |
2,730 |
Laundry income |
186 |
Interest and dividend income |
86 |
Late charges and miscellaneous income |
14 |
Total Revenue |
35,235 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,602 |
Operating expenses (Page 13) |
9,945 |
Maintenance expenses (Page 14) |
2,825 |
Taxes (Page 14) |
16,161 |
Financial expenses (Page 14) |
1,402 |
Total Expenses |
32,936 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
2,299 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(1,476) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
823 |
Beginning accumulated deficit |
(91,909) |
Ending accumulated deficit |
(91,086) |