What was the amount of prepaid income taxes for Engel & Volkers in 2023?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
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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, net of allowances | 2,167,682 | 2,061,110 |
| Prepaid commissions - current | 188,622 | 178,052 |
| Notes receivable - current | - | 1,000,000 |
| Other receivables, net | 552,774 | - |
| Prepaid expenses and other current assets | 1,264,163 | 1,200,397 |
| Due from affiliates, net | 1,284,229 | - |
| Prepaid income taxes | - | 827,611 |
| Total current assets | 11,688,935 | 10,304,538 |
| Property and equipment, net | 379,986 | 541,881 |
| Operating lease right-of-use assets, net | 855,716 | 1,250,662 |
| Other assets: | ||
| Prepaid commissions, net o |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the company's prepaid income taxes for 2023 amounted to $827,611. This figure is part of the company's consolidated balance sheets, reflecting its financial position at the end of the year. Prepaid income taxes represent payments made in advance for income taxes that have not yet been incurred but are expected to be owed in the future.
For a prospective Engel & Volkers franchisee, this information provides insight into the company's handling of its tax obligations. Prepaid income taxes are considered an asset on the balance sheet, indicating that Engel & Volkers has already paid a portion of its future tax liabilities. This can be a sign of proactive financial management and compliance with tax regulations.
It's important to note that prepaid income taxes can fluctuate from year to year based on various factors, including changes in income, tax laws, and payment schedules. While a substantial amount of prepaid income taxes may suggest financial stability, franchisees should also consider other financial metrics and consult with financial advisors to gain a comprehensive understanding of Engel & Volkers' financial health. Reviewing the trend of prepaid income taxes over several years, alongside other assets and liabilities, can offer a more complete picture of the company's financial management practices.