FPB » Topics » Detailed disclosure of activity in Schedule II accounts during Fiscal 2008

These excerpts taken from the FPB 10-K filed Sep 29, 2008.

Detailed disclosure of activity in Schedule II accounts during Fiscal 2008

Allowance for Doubtful Accounts—Deductions during Fiscal 2008 to the Allowance for Doubtful Accounts totaled $14,330. That amount consists of accounts actually written off as bad debt totaling $23,263, which is partially offset by $8,933 from reversing allowances for accounts, previously determined to be uncollectible, which were properly settled.

Inventory Obsolescence Reserve – During Fiscal 2008, $56,586 of inventory was disposed of and deducted from the reserve.

Deferred Tax Valuation Allowance – As of June 30, 2008 the Company had net deferred tax assets of $3,491,439 that were fully offset by a valuation allowance because, as of that date, it was Management’s conclusion that there is doubt as to whether those deferred tax assets were more likely than not to be realized in the future. The deferred tax assets principally related to the potential future benefits of tax net operating loss carryforwards, most of which had been generated during the years ended June 30, 2002, 2007 and 2008 when the Company generated substantial net losses.

Warranty Expense Reserve – The Company records a liability for standard product warranties. The liability is recorded using historical warranty experience to estimate projected warranty costs. If necessary, the Company adjusts its liability for specific warranty matters when they become known and are reasonably estimable. The estimate of future warranty liability is calculated at least once during each quarter and appropriate adjustments are made to this liability account. During Fiscal 2008 $1,037,405 was expensed as warranty expense and added to the reserve, and $1,119,134 was relieved from the reserve to account for warranty repairs. The adoption of SAB 108 during Fiscal 2007 resulted in a $328,243 Addition to the Warranty Reserve, and, therefore, Warranty Expense.

 

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Allowance for Boat Repurchases – Deductions during Fiscal 2008 and 2007 totaled $0 and $69,214 respectively, reflecting the amount previously reserved for boats which were sold, subsequent to repurchase, during Fiscal 2008 and 2007.

 

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Detailed disclosure of activity in Schedule II accounts during Fiscal 2008

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Allowance for Doubtful Accounts—Deductions during Fiscal 2008 to the Allowance for Doubtful Accounts totaled $14,330. That amount consists of
accounts actually written off as bad debt totaling $23,263, which is partially offset by $8,933 from reversing allowances for accounts, previously determined to be uncollectible, which were properly settled.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Inventory Obsolescence Reserve – During Fiscal 2008, $56,586 of inventory was disposed of and deducted from the reserve.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Deferred Tax Valuation Allowance – As of June 30, 2008 the Company had net deferred tax assets of $3,491,439 that were fully offset by a
valuation allowance because, as of that date, it was Management’s conclusion that there is doubt as to whether those deferred tax assets were more likely than not to be realized in the future. The deferred tax assets principally related to the
potential future benefits of tax net operating loss carryforwards, most of which had been generated during the years ended June 30, 2002, 2007 and 2008 when the Company generated substantial net losses.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Warranty Expense Reserve – The Company records a liability for standard product warranties. The liability is recorded using historical warranty
experience to estimate projected warranty costs. If necessary, the Company adjusts its liability for specific warranty matters when they become known and are reasonably estimable. The estimate of future warranty liability is calculated at least once
during each quarter and appropriate adjustments are made to this liability account. During Fiscal 2008 $1,037,405 was expensed as warranty expense and added to the reserve, and $1,119,134 was relieved from the reserve to account for warranty
repairs. The adoption of SAB 108 during Fiscal 2007 resulted in a $328,243 Addition to the Warranty Reserve, and, therefore, Warranty Expense.

 


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Allowance for Boat Repurchases – Deductions during Fiscal 2008 and 2007 totaled $0 and $69,214
respectively, reflecting the amount previously reserved for boats which were sold, subsequent to repurchase, during Fiscal 2008 and 2007.

 


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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Sep 29, 2008
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