What was the balance for Gokhale Method at January 1, 2023?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
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| Balance at January 1, 2023 | 500 | - | $ | 5 | $ | 100,657 | $ 8,684 | $ | 109,346 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | - | - | 3,735 | 3,735 | ||||||
| Balance at December 31, 2023 | 500 | - | $ | 5 | $ | 100,657 | $ 12,419 |
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
According to the 2024 FDD, the balance for Gokhale Method Institute, Inc. at January 1, 2023, was $109,346. This figure represents the starting point for the company's financial activities at the beginning of the year.
Additionally, the provided table shows a breakdown of the balance, including $500, $5, $100,657, and $8,684. These individual components likely represent different aspects of the company's assets, liabilities, or equity at the beginning of the year, though the FDD does not specify what each of these components represents.
Understanding the beginning balance is crucial for assessing the company's financial performance throughout 2023. The table also indicates a net income of $3,735 during 2023, which contributed to the ending balance of $113,081 as of December 31, 2023. This information provides a snapshot of the company's financial health and its ability to generate profit during the year.