What were the total liabilities and shareholders' equity for Bombs Away?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
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BOMBS AWAY FRANCHISING LLC BALANCE SHEET AS OF DECEMBER 31, 2022
| ASSETS | |
|---|---|
| CURRENT ASSETS | |
| Cash and Cash Equivalents | $ 50,000 |
| TOTAL CURRENT ASSETS | 50,000 |
| NON-CURRENT ASSETS | |
| TOTAL NON-CURRENT ASSETS | - |
| TOTAL ASSETS | 50,000 |
| LIABILITIES AND OWNER'S EQUITY | |
| CURRENT LIABILITIES | - |
| TOTAL CURRENT LIABILITIES | |
| NON-CURRENT LIABILITIES | |
| TOTAL NON-CURRENT LIABILITIES | - |
| TOTAL LIABILITIES | - |
| OWNER'S EQUITY | |
| Retained Earnings (Deficit) | 50,000 |
| TOTAL SHAREHOLDERS' E |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the balance sheet as of December 31, 2023, shows the company's financial position. The total liabilities for Bombs Away were reported as zero. The total shareholders' equity was reported as $50,000. Therefore, the total liabilities and shareholders' equity combined equaled $50,000 as of December 31, 2023.
In contrast, the balance sheet as of December 31, 2022, presents a different financial picture. For that year, Bombs Away's total liabilities amounted to $74,397, while the total shareholders' equity was reported as negative $68,882. The combined total of liabilities and shareholders' equity for December 31, 2022, was $5,515.
It is important to note the significant change in Bombs Away's financial position between 2022 and 2023. The increase in shareholders' equity and the decrease in liabilities could reflect changes in the company's operations, investments, or accounting practices. A prospective franchisee should investigate the reasons for these changes to fully understand the financial health and stability of Bombs Away.