What was the value of Kitchen Solvers' vehicles in 2024?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
al statements as a whole.
Hancock & Robinson CPAs
La Crosse, Wisconsin
March 7, 2025
Balance Sheets
December 31, 2024, 2023, and 2022
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Current assets: | |||
| Cash | $ 409,936 | $ 192,541 | $ 60,708 |
| Accounts receivable | 63,672 | 138,673 | 140,562 |
| Accounts receivable - related party | 174,152 | - | - |
| Contract assets - Current | 138,404 | 118,404 | 98,129 |
| Advances receivable | - | - | 74,472 |
| Other receivable | - | - | 3,260 |
| Inventory | 28,642 | 14,106 | - |
| Prepaid expenses | 2,277 | 2,293 | - |
| Total current assets | 817,083 | 466,017 | 377,131 |
| Property and equipment: | |||
| Equipment and fixtures | 34,201 | 34,201 | 34,201 |
| Technology equipment and software | 109,640 | 109,640 | 109,640 |
| Machinery and equipment | 86,429 | 73,253 | - |
| Vehicles | 6,500 | - | - |
| Leasehold improvements | 33,841 | - | - |
| Totals | 270,611 | 217,094 | 143,841 |
| Less - Accumulated depreciation | (156,768) | (145,888) | (139,333) |
| Net property and equipment | 113,843 | 71,206 | 4,508 |
| Other assets: | |||
| Territory held for sale | 12,798 | 12,798 | 12,798 |
| Contract assets | 787,811 | 746,214 | 659,193 |
| Right of use asset - Operating leases | 13,203 | 53,324 | 63,586 |
| Goodwill | 366,651 | 366,6 |
Source: Item 21 — Financial Statements (FDD pages 48–49)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the value of the company's vehicles in 2024 was $6,500. This figure is listed under the 'Property and equipment' section of the balance sheet, providing a snapshot of the company's assets at that time. It's important to note that this value represents the original cost of the vehicles and does not account for depreciation.
For a prospective Kitchen Solvers franchisee, this information provides insight into the company's investment in transportation assets. While $6,500 may seem like a small amount, it is important to consider it in the context of Kitchen Solvers' overall financial position. The vehicles could be used for business operations, such as site visits or deliveries.
It is also important to note that the value of the vehicles is subject to depreciation, which is the reduction in value of an asset over time due to wear and tear. The accumulated depreciation for all property and equipment, including vehicles, was ($156,768) in 2024. This means that the actual value of the vehicles may be lower than the original cost of $6,500. A prospective franchisee should consider the implications of depreciation when evaluating the company's financial statements.