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6. Income Taxes | 12 Months Ended
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Aug. 31, 2015
Notes |
6. 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:
| 2015 |  | 2014
Computed tax at the federal statutory rate | $ 1,002,996 |  | $ 1,056,815
State taxes, net of federal benefit | 144,893 |  | 154,111
Depreciation | 16,473 |  | 12,253
Inventory reserve | 33,216 |  | 5,952
Other | 10,699 |  | 27,646
Provision for income taxes | $ 1,208,277 |  | $ 1,256,777
Current income taxes | $ 1,208,277 |  | $ 1,246,198
Deferred income taxes | (26,672) |  | 10,579
Total income tax expense | $ 1,818,605 |  | $ 1,256,777
Deferred income tax liability as of August 31, 2015 of $34,300 (August 31, 2014 – $60,972) reflects 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.
| 2015 |  | 2014
Deferred tax assets: |  |  |
Allowance for inventory | $ 66,745 |  | $ 58,576
Allowance for bad debts | 0 |  | 0
Difference between book and tax depreciation | 37,014 |  | 18,511
Total deferred tax assets | 103,759 |  | 77,087
Valuation allowance | 0 |  | 0
Net deferred tax assets | $ 103,759 |  | $ 77,087
Net deferred tax liability | (138,059) |  | (138,059)
Combined net deferred tax asset (liability) | $ (34,300) |  | $ (60,972)

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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 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 2: 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 Reference 3: 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 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 + Details
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