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v2.4.0.6
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
12 Months Ended
Mar. 31, 2012
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
3. VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

 

The carrying amounts of trade accounts receivable are reduced by an allowance that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances and creates an allowance for doubtful accounts based on the credit worthiness of specific accounts and an estimate of other uncollectible accounts based on historical performance and current economic conditions.

 

Allowances for estimated returns are recorded at the estimated gross profit based upon our historical return patterns. Sales return allowances are recorded in accounts payable and accrued liabilities in the consolidated balance sheets.

 

The following is the activity within the Company’s consolidated valuation and qualifying accounts and reserves as of 31 March 2012 and 2011:

 

    Balance at 
Beginning of
Year
    Additions
(Reductions)
Charged to
Costs and
Expenses
    Deductions     Balance at End
of Year
 
Year ended 31 March 2012                                
Deducted from asset account:                                
Allowance for doubtful accounts   $ 175,206     $ 91,149     $ -     $ 266,355  
Sales return and allowance reserve     252,977       548,433       (688,217 )     113,193  
Total   $ 428,183     $ 639,582     $ (688,217 )   $ 379,548  
Year ended 31 March 2011                                
Deducted from asset account:                                
Allowance for doubtful accounts   $ 187,321     $ -     $ (12,115 )   $ 175,206  
Sales return and allowance reserve     257,569       571,659       (576,251 )     252,977  
Total   $ 444,890     $ 571,659     $ 588,366     $ 428,183