What was the net property and equipment for Fast Fix Jewelry And Watch Repairs in 2022?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
price for inventories less all estimated costs to sell. Inventories primarily consist of merchandise held for resale at Company-owned retail stores.
Property and equipment:
Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated when placed into service using the straight-line method over the estimated useful lives of the assets, except for leasehold improvements, which are amortized over the shorter of the estimated useful lives or the period of the respective leases. Furniture and equipment have useful lives ranging from 3 to 7 years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are expensed as incurred.
Notes to Consolidated Financial Statements For the years ended December 31, 2024 and 2023
Note 1. Summary of Significant Accounting Policies and Activities, Continued
Impairment of long-lived assets:
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to undiscounted future net cash flows expected to be generated by the asset.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
I am unable to provide the exact net property and equipment value for Fast Fix Jewelry And Watch Repairs in 2022, as this specific figure is not present within the provided excerpts from the 2025 Franchise Disclosure Document. However, the FDD does offer some context regarding how Fast Fix Jewelry And Watch Repairs handles property and equipment from an accounting perspective.
Specifically, the FDD states that property and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, with the exception of leasehold improvements, which are amortized over the shorter of the asset's useful life or the lease term. The useful lives for furniture and equipment range from 3 to 7 years. The document also mentions that Fast Fix Jewelry And Watch Repairs reviews long-lived assets for impairment, and no impairment issues were identified as of December 31, 2023 and 2022.
To obtain the specific net property and equipment value for 2022, a prospective Fast Fix Jewelry And Watch Repairs franchisee should review the complete financial statements within the 2025 FDD. If the information is not present, they should consider asking the franchisor directly for this figure, as it is a standard financial metric that can help in assessing the company's financial health and capital investments.