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COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
Dec. 31, 2012
COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS  
COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

NOTE C — COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

 

The components of uncompleted contracts are as follows at December 31:

 

 

 

2012

 

2011

 

Costs incurred on uncompleted contracts and estimated earnings

 

$

11,299,753

 

$

5,785,132

 

Less billings to date

 

(8,793,159

)

(1,621,409

)

 

 

$

2,506,594

 

$

4,163,723

 

 

The components of uncompleted contracts are reflected in the consolidated balance sheets as follows at December 31:

 

 

 

2012

 

2011

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

6,263,943

 

$

5,101,478

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

(3,757,349

)

(937,755

)

 

 

$

2,506,594

 

$

4,163,723