Annual report pursuant to Section 13 and 15(d)

NOTE 9 - CONTRACT ACCOUNTING

v3.19.1
NOTE 9 - CONTRACT ACCOUNTING
 12 Months Ended
Dec. 31, 2018
Contractors [Abstract]  
NOTE 9 - 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, 2018 and 2017, contract assets on uncompleted contracts consisted of the following:

 

 

 

2018

 

 

2017

 

Costs and estimated earnings recognized

 

$

4,273,057

 

 

$

1,613,731

 

Less: Billings or cash received

 

 

(3,064,453

)

 

 

(1,189,938

)

Contract Assets

 

$

1,208,604

 

 

$

423,793

 


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, 2018 and 2017, contract liabilities on uncompleted contracts consisted of the following:

 

 

 

2018

 

 

2017

 

Billings and/or cash receipts on uncompleted contracts

 

$

8,563,241

 

 

$

573,847

 

Less: Costs and estimated earnings recognized

 

 

(6,314,412

)

 

 

(373,437

)

Contract Liabilities

 

$

2,248,829

 

 

$

200,410