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TIMOTHY ROSE CONTRACTING , INC . <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 2007 <br /> NOTE 4 : 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 $ 1 , 086 , 297 <br /> Estimated earnings 191 , 179 <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 $ 117588 <br /> Billings in excess of costs <br /> and estimated earnings <br /> on uncompleted contracts ( 54 , 445) <br /> (42 . 8 <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 12771476 <br /> $ 1 , 292 , 733 <br /> 7 <br />