What was the amount of prepaid expenses for Fast Fix Jewelry And Watch Repairs in 2023?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
| | (1,251,279) | | (344,949) | | Net income | | | | | | | 357,356 | | 357,356 | | Balance, December 31, 2024 | 978,781 | $ | 100 | $ | 906,230 | $ | (893,923) | $ | 12,407 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $ | 357,356 | $ | 279,052 |
| Adjustments to reconcile net income to | ||||
| net cash provided by operating activities: | ||||
| Depreciation and amortization | 693,840 | 695,347 | ||
| Amortization of debt issuance costs | 77,040 | 77,040 | ||
| Deferred income taxes | 22,787 | 63,958 | ||
| Provision for credit losses | 46,557 | |||
| Paid-in-Kind (PIK) interest | 43,543 | 44,984 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 52,988 | 5,495 | ||
| Franchise and advances receivable, net | 103,004 | - | ||
| Inventory | (28,005) | 325,631 | ||
| Prepaid expenses and other current assets | 33,280 | 30,120 | ||
| Deposits | 14,886 | 3,063 | ||
| Operating right-of-use assets and lease liabilities, net | 13,131 | 38,772 | ||
| Accounts payable | (127,596) | 86,698 | ||
| Accrued expenses and other liabilities | 16,810 | (221,455) | ||
| Income tax recei |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, the amount of prepaid expenses and other current assets for the year 2023 was $30,120. This figure is derived from the consolidated statements of cash flows, which detail the changes in operating assets and liabilities during the specified period. Prepaid expenses are costs that Fast Fix Jewelry And Watch Repairs has paid in advance for goods or services that will be received in the future.
For a prospective franchisee, understanding the level of prepaid expenses can offer insights into the company's operational efficiency and financial management. Prepaid expenses are considered assets on the balance sheet because they represent future economic benefits for Fast Fix Jewelry And Watch Repairs. Monitoring these expenses can help in assessing the company's short-term financial health and working capital management.
It's important to note that this figure is part of a broader financial statement, and potential franchisees should review the entire document, including the notes and auditor's report, to gain a comprehensive understanding of Fast Fix Jewelry And Watch Repairs's financial condition. Analyzing trends in prepaid expenses over multiple years, as well as comparing them to industry benchmarks, can provide a more informed perspective on the company's financial performance.