General form of registration statement for all companies including face-amount certificate companies

CONTRACT ACCOUNTING

v3.21.1
CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2020
Contractors [Abstract]  
CONTRACT ACCOUNTING

NOTE 9 – CONTRACT ACCOUNTING


Contract Assets


Contract assets on uncompleted contracts represent 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, 2020 and 2019, contract assets on uncompleted contracts consisted of the following:

 

 

 

2020

 

 

2019

 

Costs and estimated earnings recognized

 

$

4,152,850

 

 

$

3,700,124

 

Less: Billings or cash received

 

 

(4,050,392

)

 

 

(2,324,204

)

Contract Assets

 

$

102,458

 

 

$

1,375,920

 

 

Contract Liabilities


Contract liabilities on uncompleted contracts represent 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, 2020 and 2019, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2020

 

 

2019

 

Billings and/or cash receipts on uncompleted contracts

 

$

2,978,007

 

 

$

35,665

 

Less: Costs and estimated earnings recognized

 

 

(2,268,454

)

 

 

(27,004

)

Contract Liabilities

 

$

709,553

 

 

$

8,661