v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Jan. 02, 2016

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

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

		2015				2014
Current income taxes		$	861,569			$	203,874
Deferred income taxes			(186,993	)			170,404
Provision for income taxes		$	674,576			$	374,278

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:

		2015								2014
		Amount				Impact on Rate				Amount				Impact on Rate
Income tax at federal rate		$	895,801				34.00	%		$	348,642				34.00	%
State tax, net of Federal effect			111,343				4.23	%			43,334				4.23	%
Permanent Differences:
Meals & Entertainment			23,666				0.90	%			21,722				2.12	%
Officers Life Insurance			1,226				0.05	%			1,337				0.13	%
Gain on Bargain Sale of Asset			(173,048	)			-6.58	%			—				0.00	%
Domestic Production Activities Deduction			(92,822	)			-3.52	%			(22,017	)			-2.15	%
Total Permanent Differences			(240,978	)			-9.15	%			1,042				0.10	%
Total Tax Credits			(83,131	)			-3.16	%			(27,214	)			-2.65	%
Prior Period over/under accrual			(8,459	)			-0.32	%			8,475				0.82	%
Rounding			—				0.00	%			(1	)			0.00	%
Total Provision		$	674,576				25.60	%		$	374,278				36.50	%

Components of Net Deferred Income Taxes

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

		2015				2014
Current Deferred Tax Assets:
Warranty Reserve		$	558,099			$	475,914
Repurchase Reserve			97,750				68,449
Allowance for Loan Losses			60,149				35,030
Allowance for Doubtful Accounts			7,072				7,072
Inventory Reserve			13,528				9,552
Charitable Contribution C/F			194,025				—
Total Current Deferred Tax Asset			930,623				596,017
Non-Current Deferred Tax Assets:
Goodwill Impairment			1,451,626				1,509,238
Total Non-Current Deferred Tax Assets			1,451,626				1,509,238
Current Deferred Tax Liabilities:
Prepaid insurance			(19,361	)			(17,089	)
Total Current Deferred Tax Liabilities			(19,361	)			(17,089	)
Non-Current Deferred Tax Liability:
Accelerated Depreciation			(165,898	)			(78,168	)
Sale of Assets			8,468				8,468
Total Non-Current Deferred Tax Liability			(157,430	)			(69,700	)
Total Deferred Tax Assets (Net)		$	2,205,458			$	2,018,466

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- 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

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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

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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

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