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West Construction, Inc. and Subsidiaries
<br />Notes to Consolidated Financial Statements
<br />As of and for the years ended December 31, 2014 and 2013
<br />3. CONTRACT RECEIVABLES:
<br />Contract receivables at December 31 consist of the following:
<br />2014
<br />Billed:
<br />2013
<br />Contracts in progress $ 2,634,209 $ 2,879,455
<br />Retainage 1,409,685 1,897,279
<br />Completed contracts 1,774,501 1,233,845
<br />Unbilled -0- 242,699
<br />Total $ 5,818,395 $ 6,253,278
<br />4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS:
<br />2014 2013
<br />Costs incurred on uncompleted contracts $ 35,499,316 $ 26,579,562
<br />Estimated earnings 1,920,485 3,583,383
<br />Earned revenue 37,419,801 39,162,945
<br />Less billings to date (37,064,973) (26,816,058)
<br />$ 354,828 $ 3,346,887
<br />Included in the accompanying consolidated
<br />balance sheet under the following caption:
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts $ 1,060,268 $ 3,733,542
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts
<br />(705,440) (386,655)
<br />$ 354,828 $ 3,346,887
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