What was the total value of Cornwell Quality Tools' liabilities in 2021?
Cornwell_Quality_Tools Franchise · 2025 FDDAnswer from 2025 FDD Document
| Cornwell Quality Tools Company | CQT Kennedy, LLC | Eliminations | Consolidated | |
|---|---|---|---|---|
| ASSETS | ||||
| CURRENT ASSETS | ||||
| Cash and cash equivalents | $ 24,468,881 | $ 3,574 | $ - | $ 24,472,455 |
| Accounts receivable, trade - Net | 8,665,002 | 456,704 | · - | 9,121,706 |
| Accounts receivable - Subsidiary | 22,032,569 | 8,513,823 | (30,546,392) | - |
| Notes receivable - Net | 2,609,030 | - | - | 2,609,030 |
| Finance receivables - Net | 19,007,487 | - | - | 19,007,487 |
| Inventories - Net | 27,812,344 | 5,345,831 | 33,158,175 | |
| Prepaid expenses and other assets | 1,310,393 | 34,313 | - | 1,344,706 |
| Refundable income taxes | 294,000 | MA. | - | 294,000 |
| Total current assets | 106,199,706 | 14,354,245 | (30,546,392) | 90,007,559 |
| NONCURRENT ASSETS | ||||
| Notes receivable, net of current portion | 9,718,752 | _ | _ | 9,718,752 |
| Finance receivables, net of current portion | 59,693,453 | = | _ | 59,693,453 |
| Note receivable - Subsidiary | 12,435,791 | - | (12,435,791) | , -,···- |
| Investment - Subsidiary | 1,000,000 | - | (1,000,000) | ~ |
| Investments, designated | 158,562 | - | - | 158,562 |
| Property, plant and equipment - Net | 7,386,687 | 6,850,610 | - | 14,237,297 |
| Goodwill - Net | - | 4,029,783 | - | 4,029,783 |
| Deferred income tax asset | 4,064,000 | 4,064,000 | ||
| Total noncurrent assets | 94,457,245 | 10,880,393 | (13,435,791) | 91,901,847 |
| TOTAL ASSETS | $ 200,656,951 LIABILITIES AND SHAREHOL | $ 25,234,638 DERS' EQUITY | $ (43,982,183) | $ 181,909,406 |
| CURRENT LIABILITIES | ||||
| Accounts payable | $ 15,106,368 | $ 626,544 | $ - | $ 15,732,912 |
| Accounts payable - Parent | 8,513,823 | 22,032,569 | (30,546,392) | - |
| Current maturities of capital lease obligation | - | 1,476 | - | 1,476 |
| Current maturities of long-term debt | 488,004 | - | - | 488,004 |
| Accrued expenses | 2,680,265 | 224,483 | - | 2,904,748 |
| Deferred compensation | 116,950 | - | - | 116,950 |
| Accrued taxes | 141,910 | 56,317 | 198,227 | |
| Total current liabilities | 27,047,320 | 22,941,389 | (30,546,392) | 19,442,317 |
| LONG-TERM LIABILITIES | ||||
| Long-term debt, less current maturities | 2,480,663 | - | - | 2,480,663 |
| Note payable - Parent | = | 12,435,791 | (12,435,791) | - |
| Deferred compensation, less current portion | 1,255,166 | 1,255,166 | ||
| Total long-term liabilities | 3,735,829 | 12,435,791 | (12,435,791) | 3,735,829 |
| TOTAL LIABILITIES | 30,783,149 | 35,377,180 | (42,982,183) | 23,178,146 |
Source: Item 23 — RECEIPT (FDD pages 101–373)
What This Means (2025 FDD)
According to Cornwell Quality Tools' 2025 Franchise Disclosure Document, the consolidated balance sheet provides details on the company's liabilities. However, the provided excerpts do not include the consolidated balance sheet for December 31, 2021. Instead, the excerpts include a consolidated balance sheet as of December 31, 2022, which lists total liabilities of $23,178,146.
Without the 2021 balance sheet, it is impossible to determine the total liabilities for that specific year. The 2022 data includes a breakdown of current liabilities, such as accounts payable, accrued expenses, and deferred compensation, as well as long-term liabilities like long-term debt and deferred compensation. These figures offer insight into the types of obligations Cornwell Quality Tools typically carries.
A prospective franchisee should request the December 31, 2021, consolidated balance sheet from Cornwell Quality Tools to understand the company's financial obligations for that year. Reviewing the liabilities section of the balance sheet will provide a clearer picture of the company's financial health and stability during that period.