What was the total amount of accounts payable for Lees Famous Recipe as of December 31, 2022?
Lees_Famous_Recipe Franchise · 2025 FDDAnswer from 2025 FDD Document
six months of service are eligible to participate. Eligible employees may defer up to the maximum amount allowed by the Internal Revenue Service. The Company may make matching and discretionary contributions to the plan. For the years ended December 31, 2023 and 2022, and for the period ended December 31, 2021, employer contributions to the plan totaled $180,337, $95,233, and $31,307 respectively.
NOTE 9 - RELATED PARTY TRANSACTIONS
During the years ended December 31, 2023 and 2022, and for the period ended December 31, 2021, the Company realized revenue from Lee's Famous Recipe Advertising Cooperative, Inc. for administrative services provided by LFR Chicken totaling $360,000, $309,165, and $102,890 respectively. The Company had accounts payable due to Lee's Famous Recipe Advertising
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 69)
What This Means (2025 FDD)
According to Lees Famous Recipe's 2025 Franchise Disclosure Document, specific details regarding the total accounts payable as of December 31, 2022, are not available in the provided excerpts. However, the document does provide information on accounts payable due to related parties, specifically Lee's Famous Recipe Advertising Cooperative, Inc. and LFRC OH Adverting Cooperative, Inc.
As of December 31, 2023, the company had accounts payable due to Lee's Famous Recipe Advertising Cooperative, Inc. of $31,022 and accounts payable due to LFRC OH Adverting Cooperative, Inc. of $9,364. As of December 31, 2022, the company had accounts payable due to Lee's Famous Recipe Advertising Cooperative, Inc. of $14,685, and no amounts were due to LFRC OH Advertising Cooperative, Inc.
To obtain the total accounts payable for Lees Famous Recipe as of December 31, 2022, a prospective franchisee should request this information directly from the franchisor. Understanding the total accounts payable can provide insights into the company's short-term financial obligations and overall financial health.