Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2015

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:

	March 31, 2015			December 31, 2014
Costs incurred on uncompleted contracts	$	3,994,118		$	5,194,769
Gross profit recognized	461,852			613,510
	4,455,970			5,808,279
Less: billings to date	(4,516,832		)	(5,898,220		)
	$	(60,862	)	$	(89,941	)

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

	March 31, 2015			December 31, 2014
Costs and estimated earnings in excess of billings	$	85,120		$	68,654
Billings in excess of costs and estimated earnings	(145,982		)	(158,595		)
	$	(60,862	)	$	(89,941	)