Annual report pursuant to Section 13 and 15(d)

NOTE 8 - CONTRACT ACCOUNTING

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NOTE 8 - CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2015
Contract Accounting [Abstract]  
NOTE 8 - CONTRACT ACCOUNTING

NOTE 8 – CONTRACT ACCOUNTING

 

Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts

 

Costs and estimated earnings in excess of billings on uncompleted contracts represents costs and estimated earnings in excess of billings and/or cash received on uncompleted contracts accounted for under the percentage of completion contract method.

 

At December 31, 2015 and 2014, costs and estimated earnings in excess of billings on uncompleted contracts consisted of the following:

 

    2015     2014  
Costs and estimated earnings recognized   $ 2,322,836     $ 990,799  
Less: Billings or cash received     (1,901,720 )     (772,490 )
Costs and estimated earnings in excess of billings on uncompleted contracts   $ 421,116     $ 218,309  

 

Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts

 

Billings in excess of costs and estimated earnings on uncompleted contracts represents billings and/or cash received that exceed accumulated revenues recognized on uncompleted contracts accounted for under the percentage of completion contract method.

 

At December 31, 2015, and 2014, billings in excess of costs and estimated earnings on uncompleted contracts consisted of the following:

 

    2015     2014  
Billings and/or cash receipts on uncompleted contracts   $ 1,146,804     $ 394,517  
Less: Costs and estimated earnings recognized     (843,740 )     (240,734 )
Billings in excess of costs and estimated earnings on uncompleted contracts   $ 303,064     $ 153,783