What was the amount of accrued payroll taxes for Pearce Bespoke in 2023?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
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Wexford, Pennsylvania
May 24 2024
PEARCE BESPOKE FRANCHISING, LLC BALANCE SHEETS
ASSETS
| As of December 31, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Current Assets: Cash Accounts receivable Deferred consulting fee | $ | 170,147 22,188 71,458 | $ | 46,811 - 2,500 |
| Total Current Assets | 263,793 | 49,311 | ||
| Deposits | 2,198 | - | ||
| Deferred Consulting Fee | 619,728 | 22,500 | ||
| Right-of-Use Asset - Operating Lease | 43,692 | - | ||
| Total Assets | $ | 929,411 | $ | 71,811 |
| LIABILITIES AND MEMBERS' EQUITY (DEFICIENCY) | ||||
| Current Liabilities: Accounts payable Related party payables Accrued payroll and payroll taxes Deferred franchise fee revenue Operating lease liability - current | $ | 80,525 692 23,621 129,693 22,822 | $ | 7,591 - 5,339 5,100 - |
| Total Current Liabilities | 257,353 | 18,030 | ||
| Deferred Franchise Fee Revenue | 1,123,022 | 45,900 | ||
| Operating Lease Liability, net | 21,020 | - | ||
| Total Liabilitie |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the accrued payroll and payroll taxes for the company as of December 31, 2023, was $23,621. This figure is part of the current liabilities reported on the balance sheet.
Accrued payroll and payroll taxes represent expenses that Pearce Bespoke has incurred but not yet paid out as of the end of the fiscal year. This can include employee salaries, wages, and related payroll taxes that are owed to government entities. For a prospective franchisee, understanding this figure provides insight into the company's short-term financial obligations and its management of employee compensation and tax liabilities.
It's important to note that this figure reflects the accrued payroll and payroll taxes for Pearce Bespoke Franchising, LLC itself, and not the financial performance of individual franchisees. Franchisees will have their own payroll and tax obligations to manage as part of their independent businesses. Reviewing these figures can help potential franchisees understand the franchisor's financial health and stability.