(4) Contracts in Progress
Amounts included in the consolidated financial statements related to uncompleted contracts are as follows:
The amounts billed on these long term contracts are due 30 days from invoice date. All amounts billed are expected to be collected within the next 12 months. Retainage was $0 and $173,360 as of November 30, 2013 and 2012, respectively.
|
Cost and Profit in Excess of Billings |
Billings in Excess of Costs and Profit |
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|
November 30, 2013 |
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|
Costs |
$ | 326,560 | $ | 115,789 | ||||
|
Estimated earnings |
106,848 | 21,470 | ||||||
| 433,408 | 137,259 | |||||||
|
Less: amounts billed |
(391,170 | ) | (154,980 | ) | ||||
| $ | 42,238 | $ | (17,721 | ) | ||||
|
November 30, 2012 |
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|
Costs |
$ | 127,858 | $ | 4,994,950 | ||||
|
Estimated earnings |
42,200 | 2,932,023 | ||||||
| 170,058 | 7,926,973 | |||||||
|
Less: amounts billed |
(68,000 | ) | (9,052,639 | ) | ||||
| $ | 102,058 | $ | (1,125,666 | ) | ||||