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Johnson -Davis, .Incorporated <br />Notes to Financial Statements <br />June 30, 2017 <br />Note 2 - Summary of Significant Accounting Policies (continued) <br />Inventory: Inventory consists of small tools and supplies and is recorded at cost which <br />approximates fair market value. <br />Advertising costs: The Company expenses advertising costs as incurred. Advertising expenses <br />amounted to $ 17,136 for the year ended June 30, 2017. <br />Date of Management's Review: Subsequent events have been evaluated through September 1, <br />2017, which is the date the financial statements were issued. <br />Note 3 - Contract Receivables <br />Contract receivables at June 30, 2017 consist of billed: <br />Completed contracts <br />$ <br />26,551 <br />Contracts in progress <br />3,156,829 <br />Retainage <br />1,948,247 <br />5,131,627 <br />Less allowance for doubtful accounts <br />177,074 <br />$ <br />4,954,553 <br />Note 4 - Cost and Estimated Earnings on Uncompleted Contracts <br />The revenue and billing status of contracts in progress at June <br />30, 2017, is as follows: <br />Costs and estimated earnings on <br />uncompleted contracts <br />$ <br />35,514,088 <br />Less billings to date <br />35,756,866 <br />Net billings on uncompleted contracts <br />in excess of costs and <br />estimated earnings <br />$ <br />(242,778) <br />These amounts are included in the accompanying balance sheet <br />under the following captions: <br />Costs and estimated earnings in excess <br />of billings on uncompleted contracts <br />$ <br />980,511 <br />Billings in excess of costs and <br />estimated earnings on uncompleted <br />contracts <br />(1,223,289) <br />Net billings on uncompleted contracts <br />in excess of costs and <br />estimated earnings <br />$ <br />(242,778) <br />