Costs and Estimated Earnings on Uncompleted Contracts

6 Months Ended

Jun. 30, 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:

	June 30, 2013			December 31, 2012
Costs incurred on uncompleted contracts	$	3,744,678		$	3,882,968
Reserve for estimated losses on uncompleted contracts	522			764
Gross profit recognized	446,369			448,928
	4,191,569			4,332,660
Less: billings to date	(4,283,851		)	(4,449,851		)
	$	(92,282	)	$	(117,191	)

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

	June 30, 2013			December 31, 2012
Costs and estimated earnings in excess of billings	$	70,288		$	41,701
Billings in excess of costs and estimated earnings	(162,570		)	(158,892		)
	$	(92,282	)	$	(117,191	)