NOTE C — COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
The components of uncompleted contracts are as follows at December 31:
|
|
|
2013 |
|
2012 |
| ||
|
Costs incurred on uncompleted contracts and estimated earnings |
|
$ |
2,476,716 |
|
$ |
11,299,753 |
|
|
Less billings to date |
|
(816,989 |
) |
(8,793,159 |
) | ||
|
|
|
$ |
1,659,727 |
|
$ |
2,506,594 |
|
The components of uncompleted contracts are reflected in the consolidated balance sheets as follows at December 31:
|
|
|
2013 |
|
2012 |
| ||
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
|
$ |
2,312,947 |
|
$ |
6,263,943 |
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
(653,220 |
) |
(3,757,349 |
) | ||
|
|
|
$ |
1,659,727 |
|
$ |
2,506,594 |
|