What was the amount of prepaid expenses and other current assets for Engel & Volkers in 2023?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
e.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Melville, New York
March 6, 2025
ENGEL & VÖLKERS AMERICAS, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 6,231,465 | $ 5,037,368 |
| Accounts receivable |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the amount of prepaid expenses and other current assets in 2023 was $1,200,397. This figure represents the value of expenses that Engel & Volkers had paid in advance, along with other assets expected to be converted into cash or used within one year.
For a prospective franchisee, this number provides insight into the company's short-term financial health and how it manages its resources. Prepaid expenses can include items like insurance premiums, rent, or advertising costs that have been paid upfront. Other current assets might encompass items such as inventory or supplies.
Understanding the composition and size of these assets can help a franchisee assess Engel & Volkers' operational efficiency and liquidity. A significant change in this figure from year to year could signal shifts in the company's spending habits or accounting practices, warranting further investigation.