XML 39 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Schedule of components of income taxes The following are the components of income taxes:

    

Years ended June 30,  2014  2013
       
Current          
Federal  $831,695   $811,960 
State   142,369    138,990 
    974,065    950,950 
           
Deferred          
Federal   8,843    24,270 
State   1,513    4,156 
    10,356    28,426 
   $984,421   $979,376 
Schedule of reconciliation of income tax expense The reconciliation of income tax expense computed at the Federal statutory tax rate of 34% to the provision for income taxes is as follows:

 

Years ended June 30,  2014  2013
       
Tax at the statutory rate  $885,607   $879,449 
State income taxes,
    net of federal benefit
   94,551    93,894 
Other   4,263    6,033 
   $984,421   $979,376 
           
Effective tax rate   37.8%   37.9%

 

Schedule of deferred tax assets and liabilities Significant components of the Company’s current and noncurrent deferred tax assets and liabilities are as follows:

 

Years ended June 30,  2014  2013
       
Current deferred tax assets:          
Allowance for doubtful accounts  $52,683   $58,327 
Inventory capitalization   29,627    21,063 
Inventory reserves   18,467    19,436 
    100,777    98,826 
           
Noncurrent deferred tax assets (liabilities):          
Equipment and improvements   5,685    4,613 
Franchise, trademarks and other
     intangible assets
   1,282    14,661 
    6,967    19,274 
Total net deferred income tax assets  $107,744   $118,100