11. Cost and Estimated Earnings on Uncompleted Contracts
Long-term construction contracts in progress are accounted for using the percentage-of-completion method.
Billings, costs incurred, and estimated earnings on uncompleted contracts as of December 31, 2013 and 2012 were as follows:
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| Cost and Estimating Earnings on Uncompleted Contracts |
| December 31, 2013 |
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| December 31, 2012 | |
| Cost incurred on uncompleted contracts | $ | 211,750,908 |
| $ | 147,874,837 | |
| Estimated earnings |
| 18,207,952 |
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| 14,332,709 | |
| Total cost and estimated earnings |
| 229,958,860 |
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| 162,207,546 | |
| Less: Billings to date |
| 238,309,368 |
|
| 171,124,928 | |
| Net |
| (8,350,508) |
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| (8,917,382) | |
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| These amounts are included in the accompanying consolidated balance sheets under the following captions: | |||||
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| Costs and estimated earnings in excess of billings on uncompleted contracts |
| 56,679 |
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| — | |
| Billings in excess of costs and estimated earnings on uncompleted contracts |
| (8,407,187) |
|
| (8,917,382) | |
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| $ | (8,350,508) |
| $ | (8,917,382) | |