At December 31, 2013, billings in excess of costs and estimated earnings on uncompleted contracts consisted of the following for contracts accounted for using the percentage of completion method of accounting:
| Billings and/or cash receipts on uncompleted contract | $ | 166,334 | ||
| Less: Revenues recognized | (3,205 | ) | ||
| Billings
in excess of costs and estimated earnings on uncompleted contracts |
$ | 163,129 |
At December 31, 2012, billings in excess of costs and estimated earnings on uncompleted contracts consisted of the following for contracts accounted for using the percentage of completion method of accounting:
| Billings and/or cash receipts on uncompleted contract | $ | 60,000 | ||
| Less: Revenues recognized | (33,162 | ) | ||
| Billings in excess of costs and estimated earnings on uncompleted contracts | $ | 26,838 |