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CONTRACT ACCOUNTING | 12 Months Ended
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Dec. 31, 2019
Contractors [Abstract] |
CONTRACT ACCOUNTING | NOTE 9 – CONTRACT ACCOUNTING Contract Assets Contract assets on uncompleted contracts represents costs and estimated earnings in excess of billings and/or cash received on uncompleted contracts accounted for under the percentage of completion contract method. At December 31, 2019 and 2018, contract assets on uncompleted contracts consisted of the following:
|  | 2019 |  |  | 2018 |
Costs and estimated earnings recognized |  | $ | 3,700,124 |  |  | $ | 4,273,057 |
Less: Billings or cash received |  |  | (2,324,204 | ) |  |  | (3,064,453 | )
Contract Assets |  | $ | 1,375,920 |  |  | $ | 1,208,604 |
Contract Liabilities Contract liabilities on uncompleted contracts represents billings and/or cash received that exceed accumulated revenues recognized on uncompleted contracts accounted for under the percentage of completion contract method. At December 31, 2019 and 2018, contract liabilities on uncompleted contracts consisted of the following:
|  | 2019 |  |  | 2018 |
Billings and/or cash receipts on uncompleted contracts |  | $ | 35,665 |  |  | $ | 8,563,241 |
Less: Costs and estimated earnings recognized |  |  | (27,004 | ) |  |  | (6,314,412 | )
Contract Liabilities |  | $ | 8,661 |  |  | $ | 2,248,829 |

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 + Details
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