CONSTRUCTION CONTRACTS IN PROGRESS
The status of contracts in progress as of December 31, 2013 and 2012 is as follows:
|
| | | | | | | | |
| | 2013 | | 2012 |
Costs incurred on uncompleted contracts | | $ | 34,626 |
| | $ | 24,667 |
|
Estimated earnings | | 24,096 |
| | 13,047 |
|
Earned revenue | | 58,722 |
| | 37,714 |
|
Less billings to date | | (48,029 | ) | | (26,744 | ) |
Total | | $ | 10,693 |
| | $ | 10,970 |
|
Classified as follows: | | | | |
Costs and estimated earnings in excess of billings on uncompleted contracts | | $ | 11,899 |
| | $ | 12,673 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts | | (1,206 | ) | | (1,703 | ) |
Total | | $ | 10,693 |
| | $ | 10,970 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts are included in accounts receivable on the consolidated balance sheet, while billings in excess of costs and estimated earnings on uncompleted contracts are included in other accrued liabilities on the consolidated balance sheet.
As of December 31, 2013 we had three construction contracts in progress that were identified as loss contracts and a provision for losses of $68 was recorded in other accrued liabilities on the consolidated balance sheet. As of December 31, 2012, we had two construction contracts in progress that were identified as loss contracts and a provision for losses of $57 was recorded in other accrued liabilities on the consolidated balance sheet.
