What was the value of accounts payable and accrued expenses for Crave Cookies in 2021?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
the audit.
FORVIS, LLP
Salt Lake City, Utah November 13, 2023
Balance Sheets December 31, 2022 and 2021
Assets
| 2022 | 2021 | |
|---|---|---|
| Current Assets | ||
| Cash | $ 181,217 | $ 34,177 |
| Accounts receivable | 17,607 | 5-6 |
| Inventory | 7,196 | 21,515 |
| Prepaid expenses | 26,795 | |
| Contract assets | - | 2,000 |
| Note receivable - related party | 15,996 | 62,899 |
| Total current assets | 248,811 | 120,591 |
| Property and Equipment, at Cost | ||
| Equipment | 23,272 | 7,208 |
| Accumulated depreciation | (4,984) | (400) |
| Total property and equipment, net | 18,288 | 6,808 |
| Right-of-Use (ROU) Assets - Operating Leases | 3,716 | 859 |
| Other Assets | 6,410 | 859 |
| Contract Assets - Long-term | 42,595 | |
| Total assets | $ 277,225 | $ 169,994 |
| Liabilities and Members' Deficit | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | $ 58,990 | $ 17,176 |
| Operating lease liabilities | 4,039 | |
| Contract liabilities, current portion | 6,977 | 262,239 |
| Total current liabilities | 70,006 | 279,415 |
| Long-term Liabilities | ||
| Contract liabilities | 647,694 | 68,180 |
| Total long-term liabilities | 647,694 | 68,180 |
| Total liabilities | 717,700 | 347, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies' 2025 Franchise Disclosure Document, the accounts payable and accrued expenses for 2021 were $17,176. This figure represents the company's short-term liabilities to its suppliers and other creditors at the end of the 2021 fiscal year. These are obligations that Crave Cookies is expected to settle within a year.
For a prospective franchisee, understanding the franchisor's accounts payable and accrued expenses can provide insight into the company's financial health and its ability to manage short-term obligations. A high level of accounts payable might indicate that the company is struggling to pay its bills on time, while a low level could suggest strong financial management or very favorable payment terms with suppliers.
It's important to note that this figure is a snapshot in time and should be analyzed in conjunction with other financial data, such as the company's revenues, expenses, and overall debt levels, to get a comprehensive understanding of Crave Cookies' financial situation. Reviewing these figures over several years can reveal trends and potential areas of concern or strength.