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

CONTRACT ACCOUNTING

v3.22.2.2
CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020, contract assets on uncompleted contracts consisted of the following:

 

               
    2021     2020  
Costs and estimated earnings recognized   $ 5,266,930     $ 4,152,850  
Less: Billings or cash received     (5,263,481 )     (4,050,392 )
Contract Assets   $ 3,449     $ 102,458  

 

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, 2021 and 2020, contract liabilities on uncompleted contracts consisted of the following:

 

    2021     2020  
Billings and/or cash receipts on uncompleted contracts   $ 4,473,726     $ 2,978,007  
Less: Costs and estimated earnings recognized     (3,041,088 )     (2,268,454 )
Contract Liabilities   $ 1,232,638     $ 709,553