v3.2.0.727

Income Taxes (Tables)

6 Months Ended

Jun. 27, 2015

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

Income Taxes:

The components of the provision for income taxes are as follows:

		Six months ended June 27, 2015
Current income tax expense		$	232,422
Deferred income tax expense			47,066
Total income tax expense		$	279,488

Summary of Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows:

		Six months ended June 27, 2015
		Amount				Impact on Rate
Income tax expense at federal rate		$	288,699				34.00	%
State tax expense, net of Federal effect			35,884				4.23	%
Permanent Differences:
Meals and entertainment			12,014				1.41	%
Officer’s life insurance			557				0.07	%
Domestic prodution activities deduction			(26,108	)			-3.07	%
Total tax credits			(31,558	)			-3.72	%
Total permanent differences			(45,095	)			-5.31	%
Rounding			—				0.00	%
Total income tax expense		$	279,488				32.92	%

Components of Net Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows:

		June 27, 2015
Current deferred tax assets:
Warranty reserve		$	510,317
Repurchase reserve			91,593
Loan loss reserve			41,930
Allowance for doubtful accounts			7,072
Inventory reserve			20,690
Total current deferred tax asset			671,602
Non-current deferred tax assets:
Goodwill impairment			1,480,432
Total non-current deferred tax assets			1,480,432
Current deferred tax liabilities:
Prepaid insurance			(53,596	)
Total current deferred tax liabilities			(53,596	)
Non-current deferred tax liability:
Accelerated depreciation			(135,506	)
Sale of assets			8,468
Total non-current deferred tax liability			(127,038	)
Total deferred tax assets (liabilities) - net		$	1,971,400

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 740



-SubTopic 10



-Section 50



-Paragraph 12



-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration