2018-038A - Laserfiche WebLink

Home Browse Search

P Johnson�Davis, Incorporated . Notes to Financial Statements. June 30, 2017 Note 10 - Provision (Credit) for Income Taxes (continued) The tax provision (credit) for the year ended June 30, 2017 consists of the following components: The Company's effective income tax rates for deferred income taxes are 34% and 5.5% for Federal and state, respectively. Note 11- Supplemental Cash Flow Information Supplemental Disclosure of Cash Flow Information: Cash paid during the year for - Interest expense Income taxes Cash received during the year for - Interest income Noncash Investing and Financing Activities: Acquisition of property and equipment - Cost of property and equipment Less property and equipment financed Cash paid for purchases of property and equipment $ 17,241 $ 12,603 $ 8,679 $ 2,185,307 (562,340) $ 1,622,967 Federal State Total Current $ 388,135 $ 85,107 $ 473,242 Deferred 320,255 331645 353,900 $ . 708,390 $ 118,752 $ 827,142 The deferred tax liability consists of the following components: Federal State Total Current $ 149,200 $ 26,700 $ 175,900 Long term 489,600 87,800 577,400 $ 638,800 $ 114,500 $ 753,300 The Company's effective income tax rates for deferred income taxes are 34% and 5.5% for Federal and state, respectively. Note 11- Supplemental Cash Flow Information Supplemental Disclosure of Cash Flow Information: Cash paid during the year for - Interest expense Income taxes Cash received during the year for - Interest income Noncash Investing and Financing Activities: Acquisition of property and equipment - Cost of property and equipment Less property and equipment financed Cash paid for purchases of property and equipment $ 17,241 $ 12,603 $ 8,679 $ 2,185,307 (562,340) $ 1,622,967