Annual report pursuant to Section 13 and 15(d)

NOTE 8 - CONTRACT ACCOUNTING (Tables)

v3.7.0.1
NOTE 8 - CONTRACT ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2016
Contract Accounting [Abstract]  
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts

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

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