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This excerpt taken from the JCS 10-K filed Mar 30, 2006. Use of estimates: The presentation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. The Company uses estimates based on the best information
available in recording transactions and balances resulting from
operations. Actual results could differ
from those estimates. The Company’s
estimates consist principally of reserves for doubtful accounts, sales returns,
warranty costs, lower of cost or market inventory adjustments, percentage-of
–completion, provision for income taxes and deferred taxes, fixed asset
impairment review, goodwill and other intangible asset impairment review and
depreciable lives of fixed assets.
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