What was the total amount of assets for Chop5 Salad Kitchen as of December 31, 2023?
Chop5_Salad_Kitchen Franchise · 2024 FDDAnswer from 2024 FDD Document
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about CHOP5 Franchise LLC's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with 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.
Ft. Collins, Colorado March 11, 2024
lese CPA LLC
| Α | S OF DEC | EMBE | R 31, | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| ASSETS: | ||||
| CURRENT ASSETS | ||||
| Cash and equiv |
Source: Item 23 — RECEIPT (FDD pages 50–178)
What This Means (2024 FDD)
According to Chop5 Salad Kitchen's 2024 Franchise Disclosure Document, the total assets as of December 31, 2023, were $49,082. The FDD also provides a comparative figure for the previous year, with total assets amounting to $47,164 as of December 31, 2022. This indicates a slight increase in total assets for Chop5 Salad Kitchen year-over-year.
Breaking down the assets, the FDD specifies that the current assets consist of cash and equivalents. As of December 31, 2023, the cash and equivalents totaled $49,082, matching the total assets figure. For the previous year, the cash and equivalents were $47,164, also aligning with the total assets for that period. This suggests that Chop5 Salad Kitchen's assets are primarily held in cash or easily convertible cash equivalents.
It's important for a prospective franchisee to review these figures in the context of the company's liabilities and overall financial health. While the asset values provide a snapshot of what the company owns, understanding the liabilities and equity provides a more complete picture of its financial stability. In this case, Chop5 Salad Kitchen had total liabilities of $50,000 as of December 31, 2023, resulting in a members' equity deficit of $918.