ARTS WAY MANUFACTURING CO INC | 2013 | FY | 3


(4)          Contracts in Progress


Amounts included in the consolidated financial statements related to uncompleted contracts are as follows:


The amounts billed on these long term contracts are due 30 days from invoice date. All amounts billed are expected to be collected within the next 12 months. Retainage was $0 and $173,360 as of November 30, 2013 and 2012, respectively. 


   

Cost and Profit in

Excess of Billings

   

Billings in Excess of

Costs and Profit

 

November 30, 2013

               

Costs

  $ 326,560     $ 115,789  

Estimated earnings

    106,848       21,470  
      433,408       137,259  

Less: amounts billed

    (391,170 )     (154,980 )
    $ 42,238     $ (17,721 )
                 

November 30, 2012

               

Costs

  $ 127,858     $ 4,994,950  

Estimated earnings

    42,200       2,932,023  
      170,058       7,926,973  

Less: amounts billed

    (68,000 )     (9,052,639 )
    $ 102,058     $ (1,125,666 )


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