What was the 'Tax Liabilities' amount for Fast Fix Jewelry And Watch Repairs in 2024?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
,663 | The types of temporary differences and their related tax effects that give rise to the deferred tax assets and deferred tax liabilities are as follows as of December 31:
| 2024 | 2023 | |
|---|---|---|
| Deferred tax assets: | ||
| Goodwill | $ 15,275 | $ 23,925 |
| Prepaid expenses | 3,815 | 4,831 |
| Accrued bonuses | 17,226 | 515 |
| Accrued management fees | 66,861 | 50,099 |
| Federal and state NOL Carry Forward | 3,511 | 1,554 |
| Leases | 35,881 | 33,774 |
| Provision for credit losses | 11,934 | 8,297 |
| Deferred revenue |
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 deferred tax liabilities related to property and equipment for the year 2024 were $37,906. This figure represents the amount of tax liabilities that Fast Fix Jewelry And Watch Repairs has deferred to future periods, specifically concerning their property and equipment assets.
For a prospective franchisee, understanding deferred tax liabilities is crucial for assessing the financial health and stability of Fast Fix Jewelry And Watch Repairs. Deferred tax liabilities typically arise when there are temporary differences between the book value and the tax basis of an asset or liability. In this case, the deferred tax liability is due to differences in the depreciation methods used for financial reporting and tax purposes.
The table in the FDD provides a breakdown of various deferred tax assets and liabilities, offering a more detailed view of the company's tax position. Reviewing these figures can help a franchisee understand the potential future tax obligations of Fast Fix Jewelry And Watch Repairs, which can impact its overall profitability and cash flow. It is important to note that these are deferred amounts, meaning they will likely affect future tax payments rather than the current year's tax expense.