Annual report pursuant to Section 13 and 15(d)

NOTE 8 - CONTRACT ACCOUNTING

v3.8.0.1
NOTE 8 - CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2017
Contractors [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, 2017 and 2016, costs and estimated earnings in excess of billings on uncompleted contracts consisted of the following:

 

 

 

2017

 

 

2016

 

Costs and estimated earnings recognized

 

$

1,613,731

 

 

$

2,631,315

 

Less: Billings or cash received

 

 

(1,189,938

)

 

 

(2,154,642

)

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

423,793

 

 

$

476,673

 

 

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, 2017 and 2016, billings in excess of costs and estimated earnings on uncompleted contracts consisted of the following:

 

 

 

2017

 

 

2016

 

Billings and/or cash receipts on uncompleted contracts

 

$

573,847

 

 

$

396,609

 

Less: Costs and estimated earnings recognized

 

 

(373,437

)

 

 

(176,984

)

Billings in excess of costs and estimated earnings on uncompleted contracts

 

$

200,410

 

 

$

219,625