Contracts in Process

12 Months Ended

Dec. 31, 2021

Contracts in Process

Note 3. Contracts in Process

Note 3. Contracts in Process

The net asset (liability) position for contracts in process consisted of the following:

	December 31,			December 31,
	2021			2020
Costs on uncompleted contracts	$	689,237		$	441,589
Estimated earnings		226,669			217,499
		915,906			659,088
Less: Progress billings		1,492,306			856,734
Contract liabilities, net	$	(576,400	)	$	(197,646	)

The net asset (liability) position for contracts in process is included in the accompanying consolidated balance sheets as follows:

	December 31, 2021			December 31, 2020
Costs and estimated earnings in excess of billings on uncompleted contracts	$	7,325		$	69,510
Billings in excess of costs and estimated earnings on uncompleted contracts		(583,726	)		(267,156	)
Contract liabilities	$	(576,400	)	$	(197,646	)