What was the total accrued payroll for Face Foundrie as of December 31, 2023?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
| Accrued expenses as of December 31, 2024, 2023 and 2022 consist of the following: | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||||
| Reimbursement payable | $ | - | $10,049 | $ | - | |
| Professional fees payable | 23,265 | 21,230 | 5,495 | |||
| Accrued payroll | 16,223 $39,488 | $31,279 | - $63,084 | 57,589 |
Source: Item 23 — RECEIPTS (FDD pages 74–257)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, the accrued payroll as of December 31, 2023, was $31,279. This figure is part of the company's accrued expenses, which also include reimbursement payable and professional fees payable. Accrued expenses represent liabilities that Face Foundrie has incurred but not yet paid as of that date. These figures are important for prospective franchisees to understand the financial obligations of Face Foundrie.
Accrued payroll specifically refers to the wages, salaries, and related payroll taxes that Face Foundrie owed to its employees as of December 31, 2023, but had not yet disbursed. This is a common accounting practice, as payroll periods often do not coincide with the end of the fiscal year. The accrued payroll amount reflects the company's short-term obligations to its employees.
Understanding the accrued expenses, including payroll, provides insight into Face Foundrie's financial management and its ability to meet its short-term liabilities. A prospective franchisee should review these figures in conjunction with other financial statements and information provided in the FDD to assess the overall financial health and stability of the company. It is also advisable to compare these figures with industry benchmarks to determine if they are within a reasonable range.