Note 3 - Revenue Recognition

6 Months Ended

Oct. 31, 2014

Notes to Financial Statements

Revenue Recognition [Text Block]

3.

Revenue Recognition

The Company recognizes retail sales of gasoline, grocery and general merchandise, prepared food

and fountain

and commissions on lottery, prepaid phone cards, and video rentals at the time of the sale to the customer.

Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN.

Vendor rebates in the form of rack display allowances are treated as a reduction in cost of

goods sold

and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of

goods sold

and are recognized at the time the product is sold.