What was the income taxes payable amount for My Salon Suite in 2022?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
| Total assets | $ 475,872,065 | $ 458,127,793 | Consolidated Balance Sheets (continued)
| As of December 31, | 2023 | 2022 |
|---|---|---|
| Liabilities | ||
| and | ||
| Member's | ||
| Equity | ||
| Current liabilities Accounts payable Accrued liabilities Deferred revenue Current portion of lease liabilities Income tax payable | $ 1,155,458 12 |
Source: Item 6 — Other Intangibles and Goodwill (FDD pages 274–314)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the income taxes payable as of December 31, 2022, was $1,817,613. This figure represents the amount of income taxes that My Salon Suite owed but had not yet paid as of that date. Income tax payable is categorized as a current liability on the balance sheet, indicating that it is expected to be paid within one year.
For a prospective My Salon Suite franchisee, understanding the company's liabilities, including income taxes payable, can provide insights into its financial health and stability. A high income tax payable could suggest that the company had a profitable year, as income taxes are based on earnings. However, it is essential to consider this figure in conjunction with other financial metrics to get a comprehensive view of the company's financial situation.
Franchisees should also be aware that the income taxes payable figure reflects the company's tax obligations at a specific point in time and can fluctuate depending on various factors, such as changes in tax laws, business performance, and tax planning strategies. It is advisable for potential franchisees to consult with a financial advisor to assess the financial implications of investing in a My Salon Suite franchise and to understand the tax-related aspects of the business.