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Note 1 - Summary of Significant Accounting Policies: Property, Equipment and Fixtures (Policies)
12 Months Ended
Jul. 26, 2014
Policies  
Property, Equipment and Fixtures

 

Property, equipment and fixtures

 

Property, equipment and fixtures are recorded at cost. Interest cost incurred to finance construction is capitalized as part of the cost of the asset. Maintenance and repairs are expensed as incurred.

 

Depreciation is provided on a straight-line basis over estimated useful lives of thirty years for buildings, ten years for store fixtures and equipment, and three years for vehicles. Leasehold improvements are amortized over the shorter of the related lease terms or the estimated useful lives of the related assets.

 

When assets are sold or retired, their cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in the consolidated financial statements.