What was the 'TOTAL LIABILITIES & EQUITY' for Mr. Sandless as of February 28, 2025?
Mr_Sandless Franchise · 2025 FDDAnswer from 2025 FDD Document
Total Other Assets | 2,020.25 | | TOTAL ASSETS | 271,991.04 | | LIABILITIES & EQUITY | | | Liabilities | | | Current Liabilities | | | Accounts Payable | 851.57 | | 2100 · Accounts Payable | | | Total Accounts Payable | 851.57 |
7:52 PM Mr. Sandless Franchise LLC 04/15/25 Balance Sheet
Accrual Basis As of February 28, 2025
| Feb 28, 25 | |
|---|---|
| Other Current Liabilities | |
| 2151 · 3B Quaint Oak Bank | -0.33 |
| 2200 · Accrued expenses | 1,115.00 |
| 2301 · Payroll withholdings & accruals | |
| 2303 · Local taxes withheld | 4,342.71 |
| 2304 · PA IT Withheld | -0.08 |
| 2305 · PA SUI W/H & Accrued | -0.15 |
| 2306 · Payroll Liabilities - Fed'l | -0.04 |
| 2301 · Payroll withholdings & accruals - Other | -13,416.35 |
| Total 2301 · Payroll withholdings & accruals | -9,073.91 |
| 2400 · Deferred Revenue - Long Term | 234,000.00 |
| 2410 · Deferred Revenue Short Term | 57,000.00 |
| 2500 · Loan by Share Holder | 46,797.25 |
| 2501 · Auto Loan | 0.05 |
| Total Other Current Liabilities | 329,838.06 |
| Total Current Liabilities | 330,689.63 |
| Total Liabilities | 330,689.63 |
| Equity |
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 41–42)
What This Means (2025 FDD)
According to Mr. Sandless's 2025 Franchise Disclosure Document, the company's total liabilities and equity as of February 28, 2025, was $271,991.04. This figure represents the sum of all the company's liabilities (what it owes to others) and its equity (the owners' stake in the company) at that specific point in time. This information is derived from the balance sheet, which provides a snapshot of the company's financial position.
Specifically, the balance sheet lists various liabilities, including accrued expenses of $1,115.00, payroll withholdings and accruals totaling -$9,073.91, deferred revenue (long term) of $234,000.00, deferred revenue (short term) of $57,000.00, a loan by a shareholder of $46,797.25, and an auto loan of $0.05. These liabilities add up to total liabilities of $330,689.63. The equity section includes retained earnings of -$392.10, prior year retained earnings of $24,694.00, withdrawals of -$122,680.33, and a net income of $39,679.84, resulting in total equity of -$58,698.59.
For a prospective franchisee, the 'TOTAL LIABILITIES & EQUITY' figure offers insight into the overall financial health and solvency of Mr. Sandless. A higher number suggests a stronger financial foundation, while a lower number might raise concerns about the company's ability to meet its obligations. However, it's crucial to analyze the components of this figure, such as the nature and terms of the liabilities and the trends in equity, to gain a more comprehensive understanding. Reviewing several years of financial statements, if available, would provide a better picture of the company's financial trajectory.
It is important to note that the financial statements included in the FDD are unaudited. The FDD explicitly advises prospective franchisees that no independent certified public accountant has audited these figures or expressed an opinion regarding their content or form. This means that the figures have not been independently verified and may be subject to change. Therefore, a prospective franchisee should consider consulting with a financial advisor to review these statements and conduct their own due diligence.