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Schedule II - Analysis of Valuation and Qualifying Accounts
 12 Months Ended
Nov. 30, 2013
Valuation and Qualifying Accounts [Abstract]  
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 30, 2013, November 24, 2012 and November 26, 2011

(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 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  
                                         

For the Year Ended November 30, 2013:

                                       

Reserve deducted from assets to which it applies

                                       
                                         

Allowance for doubtful accounts

  $ 1,789     $ 361     $ (543 )   $ -     $ 1,607  
                                         

Notes receivable valuation reserves

  $ 4,139     $ -     $ -     $ -     $ 4,139  
                                         

Lease/Loan guarantee reserves

  $ 347     $ 40     $ (212 )   $ -     $ 175  
                                         

Lease exit costs

  $ 2,614     $ (97 )   $ (1,610 )   $ -     $ 907  
                                         

Income tax valuation allowance

  $ 908     $ 136     $ -     $ -     $ 1,044  

(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.