What was the comprehensive income for City Wide in 2023?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| Interest expense | (234) | (184) | 131 | | Other income | 858,348 | 406,379 | 176,453 | | Total other income (expense) | 709,353 | (1,333,827) | (1,007,944) | | Net Income | 19,161,078 | 14,196,288 | 10,941,550 | | Other comprehensive income (loss) | 39,507 | (6,653) | 26,999 | | Comprehensive Income | $ 19,200,585 | $ 14,189,635 | $ 10,968,549 |
| City | Wide Franc | chise | Company, | Inc. & Subsidiari | ies | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock Class A Class B | dditional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||
| Balance January 1, 2022 | $ | 2,100 | $ | 210,000 | $ | 366,366 | $ 15,459,388 | $ | (5,506) | $ 16,032,348 |
| Net income | - | - | - | 10,941,550 | - | 10,941,550 | ||||
| Other comprehensive income | - | - | - | - | 26,999 | 26,999 | ||||
| Distributions | (8,431,640) | (8,431,640) | ||||||||
| Balance December 31, 2022 | 2,100 | 210,000 | 366,366 | 17,969,298 | 21,493 | 18,569,257 | ||||
| Net income | - | - | - | 14,196,288 | - | 14,196,288 | ||||
| Other comprehensive loss | - | - | - | - | (6,653) | (6,653) | ||||
| Distributions | (21,712,635) | (21,712,635) | ||||||||
| Balance December 31, 2023 | 2,100 | 210,000 | 366,366 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 65)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the comprehensive income can be derived from the provided data regarding net income and other comprehensive loss for the year 2023. The net income for City Wide in 2023 was $14,196,288, while the other comprehensive loss was $(6,653). Comprehensive income is calculated by adding net income to other comprehensive income. Therefore, the comprehensive income for 2023 is the net income of $14,196,288 less the other comprehensive loss of $6,653.
For a prospective City Wide franchisee, understanding comprehensive income is crucial as it provides a more complete picture of the company's profitability beyond just net income. It includes items such as foreign currency translation adjustments, which can impact the overall financial health of the company. In City Wide's case, the other comprehensive loss is relatively small compared to the net income, suggesting that these additional factors did not significantly detract from the company's profitability in 2023.
It's important to note that while net income provides a snapshot of City Wide's earnings, comprehensive income offers a broader view by incorporating unrealized gains and losses. Franchisees should review these figures to assess the stability and overall financial performance of City Wide. This information, combined with other financial metrics, can help potential franchisees make informed decisions about investing in a City Wide franchise.