Annual report pursuant to Section 13 and 15(d)

NOTE 8 - CONTRACT ACCOUNTING

v3.7.0.1
NOTE 8 - CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015, costs and estimated earnings in excess of billings on uncompleted contracts consisted of the following:

 

 

 

2016

 

 

2015

 

Costs and estimated earnings recognized

 

$

2,631,315

 

 

$

2,322,836

 

Less: Billings or cash received

 

 

(2,154,642

)

 

 

(1,901,720

)

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

476,673

 

 

$

421,116

 

 

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, 2016 and 2015, billings in excess of costs and estimated earnings on uncompleted contracts consisted of the following:

 

 

 

2016

 

 

2015

 

Billings and/or cash receipts on uncompleted contracts

 

$

396,609

 

 

$

1,146,804

 

Less: Costs and estimated earnings recognized

 

 

(176,984

)

 

 

(843,740

)

Billings in excess of costs and estimated earnings on uncompleted contracts

 

$

219,625

 

 

$

303,064