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6. Deferred Income Taxes | 12 Months Ended
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Aug. 31, 2013
Notes |
6. Deferred Income Taxes | 6. INCOME TAXES A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
| 2013 |  | 2012
Computed tax at the federal statutory rate | $ 1,544,074 |  | $ 1,646,365
State taxes, net of federal benefit | 226,146 |  | 241,237
Depreciation | 15,347 |  | (3,266)
Inventory reserve | (4,167) |  | 62,282
Deferred Gain – Land Sale | 138,059 |  | 0
Other | 13,447 |  | 13,445
Provision for income taxes | $ 1,932,906 |  | $ 1,960,063
Current income taxes | $ 1,780,940 |  | $ 1,903,774
Deferred income taxes | 151,966 |  | 56,289
| $ 1,932,906 |  | $ 1,960,063
Deferred income tax liability as of August 31, 2013 of $50,393 (August 31, 2012 – Deferred income tax asset of $101,573) reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
| 2013 |  | 2012
Deferred tax assets: |  |  |
Allowance for inventory | $ 82,087 |  | $ 77,920
Allowance for bad debts | 0 |  | 2,727
Difference between book and tax depreciation | 5,579 |  | 20,926
Total deferred tax assets | 87,666 |  | 101,573
Valuation allowance | 0 |  | 0
Net deferred tax assets | $ 87,666 |  | $ 101,573
Net deferred tax liability | 138,059 |  | 0
Combined net deferred tax asset (liability) | $ (50,393) |  | $ 101,573

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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