Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2013

Costs and Estimated Earnings on Uncompleted Contracts

Costs and Estimated Earnings on Uncompleted Contracts

Note 6—Costs and Estimated Earnings on Uncompleted Contracts

Costs and estimated earnings on uncompleted contracts consist of the following at:

	March 31, 2013			December 31, 2012
Costs incurred on uncompleted contracts	$	3,334,793		$	3,882,968
Provision for estimated loss on uncompleted contracts	593			764
Gross profit recognized	390,956			448,928
	3,726,342			4,332,660
Less: billings to date	(3,839,122		)	(4,449,851		)
	$	(112,780	)	$	(117,191	)

This net amount is included in the accompanying consolidated balance sheet under the following captions:

	March 31, 2013			December 31, 2012
Costs and estimated earnings in excess of billings	$	48,164		$	41,701
Billings in excess of costs and estimated earnings	(160,944		)	(158,892		)
	$	(112,780	)	$	(117,191	)