Costs and Estimated Earnings on Uncompleted Contracts
Long-term fixed price electrical construction contracts in progress accounted for using the percentage-of-completion method at December 31 for the years as indicated:
|
| | | | | | | |
| 2013 | | 2012 |
Costs incurred on uncompleted contracts | $ | 31,133,132 |
| | $ | 29,193,963 |
|
Estimated earnings | 9,372,782 |
| | 14,555,825 |
|
| 40,505,914 |
| | 43,749,788 |
|
Less billings to date | 35,570,006 |
| | 36,712,296 |
|
Total | $ | 4,935,908 |
| | $ | 7,037,492 |
|
Included in the balance sheets under the following captions | | | |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 4,991,754 |
| | $ | 7,411,544 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts | (55,846 | ) | | (374,052 | ) |
Total | $ | 4,935,908 |
| | $ | 7,037,492 |
|
The amounts billed but not paid by customers pursuant to retention provisions of long-term electrical construction contracts were $1.5 million and $2.8 million as of December 31, 2013 and 2012, respectively, and are included in the accompanying balance sheets in accounts receivable and accrued billings. Retainage is expected to be collected within the next twelve months.
