What was the net accounts receivable for 360 Painting in 2024?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Charlottesville, Virginia
April 22, 2025
| 2024 | 2023 | |
|---|---|---|
| Asse |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the net accounts receivable for 2024 was $3,218,426. This figure represents the amount of money owed to 360 Painting by its customers after deducting any allowances for doubtful accounts. Accounts receivable is considered a current asset, meaning it is expected to be converted into cash within one year.
For a prospective franchisee, understanding the accounts receivable is crucial because it reflects the efficiency of 360 Painting in collecting payments from its customers. A high accounts receivable balance could indicate potential issues with collecting payments, which could impact the franchisee's cash flow. Conversely, a lower balance suggests effective collection practices.
It's important to note that this figure is part of the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which includes 360 Painting. The financial performance of 360 Painting is guaranteed by Premium Service Brands, LLC, meaning that Premium Service Brands, LLC will assume the duties and obligations of 360 Painting should it fail to meet them. A prospective franchisee should review the complete financial statements and guarantees to fully understand the financial health and obligations of both 360 Painting and Premium Service Brands, LLC.