Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2015
Income Taxes [Abstract]  
Schedule of Components of Income Taxes

    

Years ended June 30,   2015   2014
         
Current                
Federal   $ 878,700     $ 831,695  
State     150,416       142,370  
      1,029,116       974,065  
                 
Deferred                
Federal     (15,527     8,843  
State     (2,658     1,513  
      (18,185     10,356  
    $ 1,010,931     $ 984,421  
Schedule of Reconciliation of Income Tax Expense Computed at the Federal Statutory Tax Rate of 34% to the Provision for Income Taxes
The reconciliation of income tax expense computed at the Federal statutory tax rate of 34% to the provision for income taxes is as follows:

 

Years ended June 30,   2015   2014
         
Tax at the statutory rate   $ 912,134     $ 885,607  
State income taxes,
   net of federal benefit
    97,384       94,551  
Other     1,413       4,263  
    $ 1,010,931     $ 984,421  
                 
Effective tax rate     37.7 %     37.8 %

 

Schedule of Significant Components of the Company's Current and Noncurrent Deferred Tax Assets and Liabilities

 

Years ended June 30,   2015   2014
         
Current deferred tax assets:                
Allowance for doubtful accounts   $ 50,425     $ 52,683  
Inventory capitalization     36,361       29,627  
Inventory reserves     22,475       18,467  
      109,261       100,777  
                 
Noncurrent deferred tax assets (liabilities):                
Equipment and improvements     16,667       5,685  
Franchise, trademarks and other
      intangible assets
          1,282  
      16,667       6,967  
Total net deferred income tax assets   $ 125,928     $ 107,744