What is the fiscal year end for Big Frog Custom T Shirts More?
Big_Frog_Custom_T_Shirts_More Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the accompanying financial statements of Big Frog Custom T-Shirts, Inc. (a Florida corporation), which comprise the balance sheets as of December 31, 2023, 2022, and 2021, and the related statements of operations, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Big Frog Custom T-Shirts, Inc. as of December 31, 2023, 2022, and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 46)
What This Means (2024 FDD)
According to Big Frog Custom T Shirts More's 2024 Franchise Disclosure Document, the company's fiscal year ends on December 31. This is evidenced by the inclusion of balance sheets, statements of cash flows, statements of operations, and statements of changes in stockholder's equity for the years ended December 31, 2023, 2022, and 2021.
For a prospective franchisee, this means that Big Frog Custom T Shirts More uses December 31 as the cutoff date for its annual financial reporting. Understanding the franchisor's fiscal year-end can be helpful for comparing financial performance year-over-year and aligning business planning with the franchisor's reporting cycle.
Most companies, including franchises, use either December 31 or another month-end as their fiscal year-end for accounting and tax purposes. Knowing this date helps franchisees understand when the franchisor will be reviewing annual performance and making strategic decisions based on the previous year's results.