(3) Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts and Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts
At March 31, 2013 and March 31, 2012, the estimated period to complete contracts in process ranged from one to twenty-one months and one to ten months, respectively. We expect to collect all related accounts receivable arising there from within sixty days of billing.
The following summarizes contracts in process:
|
|
|
March 31, 2013 |
|
March 31, 2012 |
|||
|
|
Costs incurred on uncompleted contracts |
|
$ |
838,246 |
|
|
1,206,786 |
|
|
Estimated earnings |
|
|
515,299 |
|
|
380,713 |
|
|
|
|
|
1,353,545 |
|
|
1,587,499 |
|
|
Less billings to date |
|
|
(1,175,281) |
|
|
(1,516,324) |
|
|
|
|
$ |
178,264 |
|
|
71,175 |
|
|
|
|
|
|
|
|
|
|
|
Included in the accompanying balance sheets as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and estimated earnings in excess of billings |
|
|
|
|
|
|
|
|
on uncompleted contracts |
|
$ |
178,264 |
|
|
78,376 |
|
|
Billings in excess of costs and estimated earnings |
|
|
|
|
|
|
|
|
on uncompleted contracts |
|
|
- |
|
|
(7,201) |
|
|
|
$ |
178,264 |
|
|
71,175 | |