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Costs and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2011
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 December 31:

 

 

 

2011

 

2010

 

Costs incurred on uncompleted contracts

 

$

2,977,535

 

$

2,339,551

 

Provision for estimated loss on uncompleted contracts

 

917

 

577

 

Gross profit recognized

 

303,634

 

245,974

 

 

 

3,282,086

 

2,586,102

 

Less: billings to date

 

(3,377,949

)

(2,774,095

)

 

 

$

(95,863

)

$

(187,993

)

 

This net amount is included in the accompanying consolidated balance sheet at December 31 under the following captions:

 

 

 

2011

 

2010

 

Costs and estimated earnings in excess of billings

 

$

41,866

 

$

17,275

 

Billings in excess of cost and estimated earnings

 

(137,729

)

(205,268

)

 

 

$

(95,863

)

$

(187,993

)