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Schedule II - Analysis of Valuation and Qualifying Accounts
 12 Months Ended
Nov. 24, 2012
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
Bassett Furniture Industries, Incorporated

Schedule  II

Analysis of Valuation and Qualifying Accounts
For the Years Ended November 24, 2012, November 26, 2011 and November 27, 2010
(amounts in thousands)

   
Balance
Beginning of
 Period
   
Additions
 Charged to
 Cost and
 Expenses
   
Deductions
 (1)
   
Other
       
Balance End
of Period
 
For the Year Ended November 27, 2010
                                 
Reserve deducted from assets to which it applies
                             
                                   
Allowance for doubtful accounts
  $ 10,757     $ 4,671     $ (8,062 )   $ -         $ 7,366  
                                             
Notes receivable valuation reserves
  $ 8,950     $ 1,825     $ (4,027 )   $ -         $ 6,748  
                                             
Lease/Loan guarantee reserves
  $ 3,366     $ 1,407     $ (2,469 )   $ -         $ 2,304  
                                             
Restructuring reserve
  $ 535     $ -     $ (535 )   $ -         $ -  
                                             
Lease exit costs
  $ 3,499     $ 836     $ (1,488 )   $ -         $ 2,847  
                                             
Income tax valuation allowance
  $ 33,003     $ 2,962     $ -     $ 841   (2 )   $ 36,806  
                                             
For the Year Ended November 26, 2011:
                                           
Reserve deducted from assets to which it applies
                                     
                                             
Allowance for doubtful accounts
  $ 7,366     $ 8,778     $ (14,052 )   $ -         $ 2,092  
                                             
Notes receivable valuation reserves
  $ 6,748     $ 4,684     $ (7,292 )   $ -         $ 4,140  
                                             
Lease/Loan guarantee reserves
  $ 2,304     $ 1,282     $ (3,078 )   $ -         $ 508  
                                             
Lease exit costs
  $ 2,847     $ 5,058     $ (3,548 )   $ -         $ 4,357  
                                             
Income tax valuation allowance
  $ 36,806     $ -     $ (17,464 )   $ 270   (2 )   $ 19,612  
                                             
For the Year Ended November 24, 2012:
                                           
Reserve deducted from assets to which it applies
                                     
                                             
Allowance for doubtful accounts
  $ 2,092     $ 377     $ (680 )   $ -         $ 1,789  
                                             
Notes receivable valuation reserves
  $ 4,140     $ (1 )   $ -     $ -         $ 4,139  
                                             
Lease/Loan guarantee reserves
  $ 508     $ (41 )   $ (120 )   $ -         $ 347  
                                             
Lease exit costs
  $ 4,357     $ 489     $ (2,232 )   $ -         $ 2,614  
                                             
Income tax valuation allowance
  $ 19,612     $ -     $ (18,704 )   $ -   (3 )   $ 908  

(1)
Deductions are for the purpose for which the reserve was created.  Deductions from the income tax valuation allowance for the year ended November 26, 2011 represent the reduction in income tax expense resulting from the utilization of net operating loss carryforwards realized against the taxable gain on the sale of IHFC.
(2)
Represents the change in reserve recorded as part of accumulated other comprehensive income (loss).
(3)
Deduction for 2012 due to the reduction of the majority of our valuation allowance, resulting in a net tax benefit for the year.