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MANCIL'S TRACTOR SERVICE, INC. <br /> Notes to Financial Statements <br /> December 31, 2013 <br /> NOTE 3: INVENTORY <br /> The Company owns fuel storage tanks in which it stores fuel purchased in bulk for a discounted price. <br /> The fuel inventory is reported at cost and the total amount on hand as of December 31,2013 was $6,000. <br /> NOTE 4: CONTRACTS RECEIVABLE <br /> Contracts receivable at December 31 were as follows: <br /> Currently Due $ 3,780,058 <br /> Retainages 774,464 <br /> Total Contracts Receivable $ 4,554,522 <br /> Retainages are due upon completion of contracts. Based on estimated contract completion dates, the <br /> retainages at December 31, 2013 will all be collected within the next twelve months. There is one <br /> completed job for which retainage has still not been collected. The amount included in total retainage <br /> for this job at December 31, 2013 is $ 57,390 and is expected to be collected in full, but collection may <br /> not occur within twelve months of the date of this statement. <br /> NOTE 5: UNCOMPLETED CONTRACTS <br /> The following uncompleted contract amounts are included in accompanying balance sheets under the <br /> following captions at December 31: <br /> Costs incurred $ 6,222,441 <br /> Estimated earnings 1,684,521 <br /> 7,906,962 <br /> Billed as of December 31 (7,907,698) <br /> Net under/(over)billed $ (736) <br /> Costs and estimated earnings <br /> in excess of billings $ 439,823 <br /> Billings in excess of costs <br /> and estimated earnings (440,559) <br /> Net under/(over)billed $ (736) <br /> - 13 - <br />