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CONTRACT ACCOUNTING | 12 Months Ended
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Dec. 31, 2020
Contractors [Abstract] |
CONTRACT ACCOUNTING | NOTE 9 – CONTRACT ACCOUNTING Contract Assets Contract assets on uncompleted contracts represent 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, 2020 and 2019, contract assets on uncompleted contracts consisted of the following:
|  | 2020 |  |  | 2019 |
Costs and estimated earnings recognized |  | $ | 4,152,850 |  |  | $ | 3,700,124 |
Less: Billings or cash received |  |  | (4,050,392 | ) |  |  | (2,324,204 | )
Contract Assets |  | $ | 102,458 |  |  | $ | 1,375,920 |
Contract Liabilities Contract liabilities on uncompleted contracts represent 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, 2020 and 2019, contract liabilities on uncompleted contracts consisted of the following:
|  | 2020 |  |  | 2019 |
Billings and/or cash receipts on uncompleted contracts |  | $ | 2,978,007 |  |  | $ | 35,665 |
Less: Costs and estimated earnings recognized |  |  | (2,268,454 | ) |  |  | (27,004 | )
Contract Liabilities |  | $ | 709,553 |  |  | $ | 8,661

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