How much cash did Golden Krust Caribbean Restaurant pay for income taxes in 2022?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
| Year Ended December 31, 2022 | 2021 | |
|---|---|---|
| RECOVERIES OF (PROVISION FOR) INCOME TAXES | 71,877 | (21,750) |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Golden Krust Caribbean Restaurant's 2024 Franchise Disclosure Document, the company had a recovery of income taxes of $71,877 in 2022. This indicates that Golden Krust Caribbean Restaurant did not pay cash for income taxes, but rather received a recovery.
For a prospective franchisee, this information is useful for understanding the financial performance of Golden Krust Caribbean Restaurant. Recoveries of income taxes can be due to various factors, such as changes in tax laws, tax credits, or adjustments to prior year tax returns.
It's important to note that this figure represents the consolidated financial results of Golden Krust Franchising, Inc., which includes its subsidiaries and company-owned restaurants. This may not directly reflect the tax obligations of an individual franchise location. Franchisees should consult with a financial advisor to understand their own potential tax liabilities and benefits.