What was the total amount spent on automobile expenses for Fitstop in November 2022?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events have been evaluated through. May 23, 2024, which is the date the financial statements were available to be issued.
| PROFIT & LOSS | Nov 2022 | 2022/2023 (YTD) |
|---|---|---|
| Cost of Sales | ||
| Purchase of Apparel/Accessories/Supps | $0 | $326 |
| Gross Profit | $0 | ($326) |
| Expenses | ||
| Flights and Accommodation | $6,872 | $33,292 |
| Travel Expenses | $6,348 | $15,556 |
| Advertising | $0 | $750 |
| Bank Fees & Charges | $91 | $110 |
| Automobile Expense | $2,000 | $2,000 |
| Employee - Salaries and Wage | $16,667 | $38,718 |
| Management Fees | $35,328 | $184,245 |
| Legal Expenses | $0 | $10,000 |
| Consulting Fees | $22,120 | $118,930 |
| IT Software and expenses | $363 | $749 |
| Office Expenses | $1,397 | $2,18 |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the company's automobile expenses for November 2022 were $2,000. This figure is part of the Profit & Loss statement for that month.
This expense represents the costs Fitstop incurred for vehicle-related expenses during that period. These expenses can include fuel, maintenance, insurance, and other costs associated with company-owned or leased vehicles. It's important to note that this amount reflects Fitstop's corporate expenses and may not directly correlate to the expenses a franchisee might incur.
A prospective franchisee should consider this figure in the context of Fitstop's overall financial performance. While $2,000 may seem like a small amount, it's essential to understand how automobile expenses fit into the larger picture of operating costs and profitability. Franchisees should inquire about what this figure includes and how it might compare to their own anticipated transportation costs.
Understanding these expenses can help a potential Fitstop franchisee better prepare for the financial realities of operating a franchise. It's advisable to discuss these figures with existing franchisees and the franchisor to gain a comprehensive understanding of typical operating expenses.