Post-effective amendment to a registration statement that is not immediately effective upon filing

CONTRACT ACCOUNTING

v3.20.2
CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2019
Contractors [Abstract]  
CONTRACT ACCOUNTING

NOTE 9 – CONTRACT ACCOUNTING


Contract Assets


Contract assets 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, 2019 and 2018, contract assets on uncompleted contracts consisted of the following:

 

 

 

2019

 

 

2018

 

Costs and estimated earnings recognized

 

$

3,700,124

 

 

$

4,273,057

 

Less: Billings or cash received

 

 

(2,324,204

)

 

 

(3,064,453

)

Contract Assets

 

$

1,375,920

 

 

$

1,208,604

 

 

Contract Liabilities


Contract liabilities 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, 2019 and 2018, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2019

 

 

2018

 

Billings and/or cash receipts on uncompleted contracts

 

$

35,665

 

 

$

8,563,241

 

Less: Costs and estimated earnings recognized

 

 

(27,004

)

 

 

(6,314,412

)

Contract Liabilities

 

$

8,661

 

 

$

2,248,829