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INCOME TAXES | 12 Months Ended
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Aug. 31, 2024
Income taxes (note 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:
Schedule of provision for income taxes |  |  |  |  |  |
|  | 2024 |  |  | 2023 |
Computed tax at the federal statutory rate |  | $ | 92,555 |  |  | $ | 294,398 |
State taxes, net of federal benefit |  |  | 10,000 |  |  |  | 62,193 |
Other |  |  | 669 |  |  |  | 1,383 |
Provision for income taxes |  | $ | 103,224 |  |  | $ | 357,974 |
Current income taxes |  | $ | 103,224 |  |  | $ | 357,974 |
Deferred income taxes |  |  | (21,154 | ) |  |  | (294,877 | )
Income tax expense benefit net |  | $ | 82,070 |  |  | $ | 63,097 |
Deferred income tax asset as of August 31, 2024 of $341,029 (August 31, 2023 – $319,875) 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.
Schedule of deferred income tax asset and liabilities |  |  |  |  |  |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for inventory |  | $ | 443,913 |  |  | $ | 496,067 |
Allowance for bad debts |  |  | — |  |  |  | — |
Difference between book and tax depreciation |  |  | (13,587 | ) |  |  | (86,895 | )
Total deferred tax assets |  |  | 430,326 |  |  |  | 409,172 |
Valuation allowance |  |  | — |  |  |  | — |
Net deferred tax assets |  |  | 430,326 |  |  |  | 409,172 |
Net deferred tax liability |  |  | (89,297 | ) |  |  | (89,297 | )
Combined net deferred tax asset (liability) |  | $ | 341,029 |  |  | $ | 319,875 |

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