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COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS | 12 Months Ended
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Jan. 31, 2016
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS |
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS | NOTE 8 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS The Company’s billing practices on long-term contracts are governed primarily by the contract terms of each project based on the achievement of milestones, pre-agreed schedules or progress towards completion approved by the project owner. Billings do not necessarily correlate with revenues recognized under the percentage-of-completion method of accounting. The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through January 31, 2016 and 2015, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the consolidated balance sheets as of those dates.
|  | 2016 |  | 2015 |
Costs incurred on uncompleted contracts |  | $ | 764,071 |  | $ | 324,839 |
Estimated accrued earnings |  | 116,326 |  | 60,809 |
|  | 880,397 |  | 385,648 |
Less - billings to date |  | 982,182 |  | 546,757 |
|  | $ | (101,785 | ) | $ | (161,109 | )
|  | 2016 |  | 2015 |
Costs and estimated earnings in excess of billings |  | $ | 4,078 |  | $ | 455 |
Billings in excess of costs and estimated earnings |  | 105,863 |  | 161,564 |
|  | $ | (101,785 | ) | $ | (161,109 | )
Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes, insurance, job supervision and equipment charges. The amounts of costs and estimated earnings in excess of billings are expected to be billed and collected in the normal course of business. Contract costs included amounts billed to the Company for delivered goods and services totaling $10,416,000 that were retained and included in the Company’s accounts payable as of January 31, 2016. Most of this amount will be paid within one year.

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