Note 6—Costs and Estimated Earnings on Uncompleted Contracts
Costs and estimated earnings on uncompleted contracts consist of the following at December 31:
|
|
|
2013 |
|
2012 |
| ||
|
Costs incurred on uncompleted contracts |
|
$ |
4,741,249 |
|
$ |
3,883,732 |
|
|
Gross profit recognized |
|
582,430 |
|
448,928 |
| ||
|
|
|
5,323,679 |
|
4,332,660 |
| ||
|
Less: billings to date |
|
(5,439,898 |
) |
(4,449,851 |
) | ||
|
|
|
$ |
(116,219 |
) |
$ |
(117,191 |
) |
This amount is included in the accompanying consolidated balance sheets at December 31 under the following captions:
|
|
|
2013 |
|
2012 |
| ||
|
Costs and estimated earnings in excess of billings |
|
$ |
57,146 |
|
$ |
41,701 |
|
|
Billings in excess of cost and estimated earnings |
|
(173,365 |
) |
(158,892 |
) | ||
|
|
|
$ |
(116,219 |
) |
$ |
(117,191 |
) |