Laserfiche WebLink
<br />II..... <br />...... <br /> <br />COASTAL CONTRACTING AND DEVELOPMENT, INC. <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 <br /> <br />10 <br /> <br />NOTE C - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br /> <br />Costs, estimated earnings, and billings on uncompleted contracts, at December 31, 2010, <br />consist of the following: <br /> <br />Less: Billings to date <br /> <br />$ 2,714.649 <br />204.973 <br />2,919.622 <br />(2,887,117) <br /> <br />Costs incurred on uncompleted contracts <br />Estimated earnings <br /> <br />$ 32,505 <br /> <br />Included on the accompanying balance sheet under the following captions: <br /> <br />Costs and estimated earnings in excess of <br />billings on uncompleted contracts (current asset) <br /> <br />$ <br /> <br />79,732 <br /> <br />,""" <br />W <br /> <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts (current liability) <br /> <br />(47,227) <br /> <br />$ 32,505 <br /> <br />NOTE D - INCOME TAXES <br /> <br />The provision for income taxes, for the year ended December 31, 2010, consist of the following: <br /> <br />Current $ (40,723) <br />Deferred <br />"Timing differences (80,270) <br />Valuation allowance 0 <br /> (80,270) <br /> $ (120.993) <br /> <br />c <br />