What was the total equity for Extreme Art Studio at the end of the 2000 reporting period?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
| 2000 Accounts Payable | 0.00 |
|---|---|
| Total Accounts Payable | $ 0.00 |
| Credit Cards | |
| Total Credit Cards | $ 0.00 |
| Other Current Liabilities | |
| 2100 Payroll Liabilities | 0.00 |
| 2408 WF Line of Credit 2314 | 0.00 |
| Total 2450 Deferred Revenue | $ 0.00 |
| Total Other Current Liabilities | $ 0.00 |
| Total Current Liabilities | $ 0.00 |
| Long-Term Liabilities | |
| 2430 Note Payable - Long Term | 15,000.00 |
| Total Long-Term Liabilities | $ 15,000.00 |
| Total Liabilities | $ 15,000.00 |
| Equity | |
| 3200 Members Equity | 0.00 |
| 3202 Members Equity- Retained Earnings | 1.08 |
| Net Income | 0.13 |
| Total Equity | $ |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the provided financial statements for Extreme Art Studio are as of December 31, 2023. The document does not contain financial information for the year 2000, as the company was formed on July 20, 2023.
The balance sheet as of December 31, 2023, shows the components of equity for Extreme Art Studio. These include member's equity, member's equity-retained earnings, and net income. The total equity for Extreme Art Studio as of December 31, 2023, was $1.21.
For potential franchisees, this figure represents the net worth of Extreme Art Studio at the close of its first financial year. It is important to note that this is a relatively new franchise, and further financial history would be needed to assess long-term financial stability and performance.
Since the FDD does not include the equity for the year 2000, a prospective franchisee should ask Extreme Art Studio for any available historical financial data or projections to better understand the company's financial trajectory.