Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 31, 2017

Contractors [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

Costs and Estimated Earnings on Uncompleted Contracts

Long-term fixed-price electrical construction contracts in progress accounted for using the percentage-of-completion method as of December 31 for the years as indicated:

	2017			2016
Costs incurred on uncompleted contracts	$	48,681,608		$	47,282,570
Estimated earnings	16,076,125			18,644,216
	64,757,733			65,926,786
Less billings to date	58,849,655			59,458,744
Total	$	5,908,078		$	6,468,042
Included in the consolidated balance sheets under the following captions
Costs and estimated earnings in excess of billings on uncompleted contracts	$	6,074,346		$	7,313,099
Billings in excess of costs and estimated earnings on uncompleted contracts	(166,268		)	(845,057		)
Total	$	5,908,078		$	6,468,042

The amounts billed but not paid by customers pursuant to retention provisions of long-term electrical construction contracts were $3.3 million and $3.2 million as of December 31, 2017 and 2016, respectively, and are included in the accompanying consolidated balance sheets in accounts receivable and accrued billings. Retainage is expected to be collected within the next twelve months.