What was the accumulated depreciation for Corporate Cleaning Group in 2024?
Corporate_Cleaning_Group Franchise · 2025 FDDAnswer from 2025 FDD Document
ordingly, we do not express an opinion or provide any assurance on it.
Doyle & Associates, PLLC Farmington Hills, Michigan
March 27, 2025
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| CURRENT ASSETS | |||
| Cash in bank | $ 53,094 | $ 186,944 | $ 151,684 |
| Accounts receivable, trade, less allowance for doubtful | |||
| accounts of $650, $650 and $650, respectively | 193,406 | 178,150 | 89,417 |
| Prepaid expenses | 6,626 | 9,190 | 25,437 |
| Note receivable - related party | - · · · · · · · · · · · | 17,000 | |
| Deferred commissions | 69,917 | 51,584 | 29,364 |
| Total Current Assets | 323,043 | 442,868 | 295,902 |
| PROPERTY AND EQUIPMENT | |||
| Building improvements | 37,149 | 27,089 | 14,925 |
| Equipment | 23,528 | 20,841 | 20,841 |
| Furniture and fixtures | 13,561 | 13,561 | 4,595 |
| Total Property and Equipment | 74,238 | 61,491 | 40,361 |
| Less: Accumulated depreciation | 22,204 | 16,845 | 12,886 |
| Net Property and Equipment | 52,034 | 44,646 | 27,475 |
| OTHER ASSETS | |||
| Operating lease right-of-use assets | 14,850 | 29,245 | - |
| Deferred commissions | 516,418 | 416,238 | 255,489 |
| Total Other Assets | 531,268 | 445,483 | 255,489 |
| TOTAL ASSETS | $ 906,345 | $ 932,997 | $ 578,866 |
|
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 51)
What This Means (2025 FDD)
According to Corporate Cleaning Group's 2025 Franchise Disclosure Document, the accumulated depreciation as of December 31, 2024, was $22,204. This figure reflects the total depreciation recognized on the company's assets up to that point in time. Accumulated depreciation is a contra-asset account that reduces the net book value of assets on the balance sheet.
For a prospective franchisee, understanding accumulated depreciation is crucial for assessing the financial health and asset management practices of Corporate Cleaning Group. It provides insight into how the company values its assets and manages its expenses over time. Lower accumulated depreciation relative to the total value of assets might suggest more recent asset acquisitions or more conservative depreciation policies.
It is important to note that depreciation is a non-cash expense, meaning it does not involve an actual outflow of cash. Instead, it represents the allocation of the cost of an asset over its useful life. Franchisees should consider this figure in conjunction with other financial metrics to gain a comprehensive understanding of Corporate Cleaning Group's financial performance and stability.