What was the amount of principal payments received by Precision Door Service in 2022?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
| as of December 31, 2023 and allowance for | | | | doubtful accounts of $379 as of December 31, 2022 | | | | Total trade notes receivable, net | $ 24,751 | $ 25,730 |
Notes to Combined Financial Statements ($000's)
An analysis of the changes in trade notes receivable is as follows:
| For the years ended December 31, | 2023 | 2022 | |------------------------------------------------|--------------------|----------| | | | | | Balance at beginning of period | $ 26,275 $ | 28,389 | | Notes receivable, contributed, net | 1,652 | - | | Principal payments received | (16,293) | (13,699) | | Notes issued | 15,050 | 12,808 | | Net write-offs | (1,370) | (1,223) | | Gross trade notes receivable, at end of period | 25,314 | 26,275 | | Allowance for credit losses | (563) | - | | Allowance for doubtful accounts | - | (545) | | Net trade notes receivable, at end of period | $ 24,751 $ | 25,730 | An analysis of the changes in the trade notes receivable allowance is as follows:
| For the years ended December 31, | 2023 | 2022 |
|---|---|---|
| Allowance, beginning of period | $ 545 | $ 447 |
| Provisions for bad |
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to Precision Door Service's 2025 Franchise Disclosure Document, the principal payments received in 2022 were $(13,699) based on one table and $(13,965) based on another table. These figures are presented in the Notes to Consolidated Financial Statements.
It is important to note that there are two different values for principal payments received in 2022, which could be confusing for a potential franchisee. The difference in these values may be due to different accounting methods or the inclusion of different subsidiaries or entities in each calculation.
A prospective franchisee should seek clarification from Precision Door Service regarding the discrepancy in these figures to fully understand the company's financial performance and reporting practices. Understanding the reasons behind these differences is crucial for making an informed investment decision.