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COSTS, BILLINGS, AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
Dec. 31, 2013
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:

 

 

 

2013

 

2012

 

Costs incurred on uncompleted contracts and estimated earnings

 

$

2,476,716

 

$

11,299,753

 

Less billings to date

 

(816,989

)

(8,793,159

)

 

 

$

1,659,727

 

$

2,506,594

 

 

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

 

 

 

2013

 

2012

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

$

2,312,947

 

$

6,263,943

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

(653,220

)

(3,757,349

)

 

 

$

1,659,727

 

$

2,506,594