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<br />9 <br /> <br />NOTE 3. CONTRACT RECEIVABLES <br /> <br /> Contract receivables at December 31, 2022 consisted of the following: <br /> <br />Billed $ 2,898,116 <br />Retentions 3,930,104 <br />Unbilled 690,480 <br /> <br /> $ 7,518,700 <br /> <br />NOTE 4. CONTRACTS IN PROGRESS <br /> <br />Contracts in progress at December 31, 2022 consisted of the following: <br /> <br />Costs incurred on uncompleted contracts $38,609,639 <br />Estimated profit recognized 4,146,989 <br /> 42,756,628 <br />Billings on uncompleted contracts 44,087,384 <br /> <br /> $(1,330,756) <br /> <br />This amount is included in the accompanying balance sheet as follows: <br /> <br />Costs and estimated earnings in excess of billings on <br />uncompleted contracts $ 1,197,697 <br />Billings in excess of costs and estimated earnings on <br />uncompleted contracts 2,528,453 <br /> <br /> $(1,330,756) <br /> <br />The asset “Costs and estimated earnings in excess of billings on uncompleted <br />contracts” represents revenues recognized in excess of amounts billed. The <br />liability “Billings in excess of costs and estimated earnings on uncompleted <br />contracts” represents billings in excess of revenues recognized. <br /> <br />NOTE 5. PROPERTY AND EQUIPMENT <br /> <br />Property and equipment at December 31, 2022 consisted of the following: <br /> <br />Equipment and furniture $ 61,516 <br />Transportation equipment 231,747 <br /> 293,263 <br />Less accumulated depreciation 105,589 <br /> <br /> $ 187,674 <br /> <br />Depreciation expense amounted to $12,048 for the year ended December 31, <br />2022.