What was the total amount of City Wide's accrued expenses in 2023?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current Liabilities | ||||||
| Accounts payable | $ 16,356,455 | $ 13,026,131 | $ 9,791,091 | |||
| Accrued expenses | 1,533,826 | 889,963 | 776,610 | |||
| Current portion of operating lease liabilities | 188,516 | 182,963 | 180,007 | |||
| Deferred franchise revenue, current | 740,924 | 692,473 | 605,215 | |||
| Other deferred income | 715,920 | 358,640 | 225,115 | |||
| Total current liabilities | 19,535,641 | 15,150,170 | 11,578,038 |
Source: Item 23 — RECEIPT (FDD pages 65–271)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the company's total accrued expenses in 2023 were $889,963. This figure is part of the company's consolidated balance sheets, which were audited. The balance sheets also include data from 2022 and 2024 for comparison.
Accrued expenses represent liabilities that City Wide has incurred but not yet paid. These can include items like salaries, utilities, or other services received for which payment is not yet due. Monitoring these expenses is crucial for franchisees to understand the company's short-term financial obligations and overall financial health.
Prospective City Wide franchisees should review these figures carefully to assess the company's financial stability and its ability to meet its current obligations. Comparing these figures across multiple years, as presented in the FDD, can provide insights into trends and potential areas of concern or improvement. It is also advisable to consult with a financial advisor to fully understand the implications of these financial statements.