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<br /> <br /> <br /> <br /> <br />NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br /> <br />The beginning and ending contract balances were as follows: <br /> <br /> 12/31/2023 12/31/2022 <br /> <br />Receivables 38,279,433 26,233,115 <br /> <br />Costs and estimated earnings in excess <br />of billings on uncompleted contracts 6,789,646 10,272,650 <br /> <br />Billings in excess of costs and estimated <br />earnings in uncompleted projects 11,043,054 3,829,153 <br /> <br /> <br />Use of Estimates <br /> <br />The Company uses estimates and assumptions in preparing financial statements in accordance with <br />generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of <br />assets and liabilities, the disclosures of contingent assets and liabilities and the reported revenues and <br />expenses. Actual results could vary from the estimates that were used. <br /> <br />Contract Receivables <br /> <br />For financial reporting purposes, the Company uses the allowance method of accounting for doubtful <br />accounts. After review of the accounts receivable aging by management, a provision for uncollectible <br />accounts in the amount of $250,000 has been recorded. <br /> <br />Goodwill <br /> <br />The Company has elected to adopt the private company option to amortize goodwill. Goodwill is subject to <br />amortization over a 10-year life. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 11