Note 3 – Uncompleted Contracts
Costs, estimated earnings, and billings on uncompleted contracts are summarized as follows:
|
2013 |
2012 |
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|
Costs incurred on uncompleted contracts |
$ | 1,807,628 | $ | 10,733,663 | ||||
|
Estimated earnings |
1,229,038 | 9,465,412 | ||||||
| 3,036,666 | 20,199,075 | |||||||
|
Billings to date |
(1,711,587 | ) | (17,944,876 | ) | ||||
| $ | 1,325,079 | $ | 2,254,199 | |||||
|
2013 |
2012 |
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|
Included in accompanying balance sheets |
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|
Under the following captions: |
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|
Costs and estimated earnings in excess of billings on uncompleted contracts |
$ | 1,577,969 | $ | 2,730,104 | ||||
|
|
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|
Billings in excess of costs and estimated earnings on uncompleted contracts |
$ | (252,890 | ) | $ | (475,905 | ) | ||