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NOTE 4: <br />TIMOTHY ROSE CONTRACTING, INC. <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br />COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED <br />CONTRACTS AND BACKLOG <br />Costs, estimated earnings and billings on uncompleted contracts are <br />summarized as follows: <br />Cost incurred on <br />uncompleted contracts $11086,297 <br />Estimated earnings 1911179 <br />1,277,476 <br />Less: Billings to date 11320,333 <br />(42.8571 <br />These items are included in the accompanying balance sheet under the <br />following captions: <br />Costs and estimated <br />earnings on uncompleted <br />contracts $ 11,588 <br />Billings in excess of costs <br />and estimated earnings <br />on uncompleted contracts (54,445) <br />(42,857 <br />The following schedule summarizes backlog from uncompleted contracts <br />in progress at December 31, 2007: <br />Contract amount $2,570,209 <br />Less: Contract revenue <br />earned to date 11277,476 <br />$1,292,733 <br />