Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 231

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 1C
Chunk 231
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 1,196  
     (8)
  
    Current tax expense benefit 
     33  
     1,652 
  
    Deferred: 

    Federal 
     (1,222) 
     (530)
  
    State 
     (122) 
     (101)
  
    Deferred tax expense benefit 
     (1,344) 
     (631)
  
    Total (benefit on) provision for income taxes 
    $(1,311) 
    $1,021 

     39 

The total tax benefit differs
from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows:

Schedule of Tax Provision Differs from Statutory Federal Income Tax Rate 

    November 1, 2024  
    November 3, 2023 

    (52 Weeks)  
    (53 Weeks) 
  
    (Benefit on) provision for federal income taxes at the applicable statutory rate 
    $(985) 
    $944 
  
    Increase (decrease) in provision resulting from state income taxes, net of federal income tax benefit 
     (16) 
     (86)
  
    Non-taxable life insurance gain 
     (421) 
     (93)
  
    Other, net 
     111  
     256 
  
    (Benefit on) provision for income taxes 
    $(1,311) 
    $1,021 

Deferred income taxes result
from differences in the basis of assets and liabilities for tax and accounting purposes.

Schedule of Deferred Income Taxes Results from Differences in Bases of Assets and Liabilities 

    November 1, 2024  
    November 3, 2023 
  
    Receivables allowance 
    $29  
    $64 
  
    Returns allowance 
     134  
     167 
  
    Inventory packaging reserve 
     677  
     299 
  
    Inventory overhead capitalization 
     314  
     571 
  
    Employee benefits 
     790  
     726 
  
    Other 
     218  
     (30)
  
    State taxes payable (receivable) 
     226  
     232 
  
    Incentive compensation 
     595  
     824 
  
    Pension and health care benefits 
     77  
     924