| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
234 |
| Accounts receivable |
409 |
| Prepaid expenses |
268 |
| Real estate tax escrow: self-controlled |
2,614 |
| Total Current Assets |
3,526 |
| Reserve Fund: (Note 4) |
5,721 |
| Total Current Assets and Reserve Fund |
9,247 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,060 |
| Building |
64,420 |
| Building improvements |
22,400 |
| Total |
92,880 |
| Less: Accumulated depreciation |
62,531 |
| Net Property and Improvements |
30,350 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
176 |
| Deferred mortgage closing costs (Note 5) |
128 |
| Total Other Assets and Deferred Charges |
304 |
| Total Assets |
39,901 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
100 |
| Accounts payable |
458 |
| Due to stockholders - real estate tax abatements |
1,113 |
| Advance maintenance |
128 |
| Wages and payroll taxes payable |
83 |
| Accrued real estate tax |
35 |
| Total Current Liabilities |
1,918 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,707 |
| Security deposits payable (contra) |
176 |
| Total Long-Term and Other Liabilities |
23,883 |
| Total Liabilities |
25,801 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,021 |
| Paid-in capital in excess of par value |
60,444 |
| Additional paid-in capital |
3,865 |
| Accumulated deficit |
(51,229) |
| Total Stockholders' Equity |
14,100 |
| Total Liabilities and Stockholders' Equity |
39,901 |