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16. Subsequent Events
 12 Months Ended
Aug. 31, 2019
Notes  
16. Subsequent Events

16.          SUBSEQUENT EVENTS

 

Effective September 1, 2019, the Company’s Board of Directors has decided to permanently close the MSI division and exit the industrial tools business. The costs to close the unit and liquidate the remaining inventory during fiscal 2020 is not anticipated to be significant due to the unit’s minor overall size and contribution to sales compared to the Company’s other remaining businesses.

 

JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENT SCHEDULE

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

AUGUST 31, 2018

 

 

 

Additions

Deductions

 

 

 

Balance at

Charged to

Credited to

Deductions

 

 

Beginning

Costs and

Costs and

From

Balance at

 

of Year

Expenses

Expenses

Reserves

End of Year

 

 

 

 

 

 

 

 

 

 

 

August 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance deducted from related

   Balance sheet account:

 

 

 

 

 

 

 

 

 

 

Inventory

$

75,336

$

164,229

$

-

$

120,208

$

119,357

Accounts Receivable

$

-

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

 

 

August 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance deducted from related

Balance sheet account:

 

 

 

 

 

 

 

 

 

 

Inventory

$

156,713

$

98,481

$

-

$

179,858

$

75,336

Accounts Receivable

$

1,725

$

-

$

1,725

$

-

$

-