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DICKERSON FLORIDA, INC. <br />(A Wholly-owned Subsidiary of The Dickerson Group, Inc.) <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31; 2019 and .2018 <br />(1) Summary of Significant.Accounting Policies <br />(e) Receivables, Including Retainage (continued) <br />At. December 31, 2019, accounts receivable are summarized as <br />follows: <br />Estimates due on contracts <br />Outstanding Outstanding Total <br />Less than more than currently <br />90 days 90 days receivable <br />Completed contracts $ 545,531 174,814 720;345 <br />Uncompleted contracts 2,103,612 2,103,612 <br />Total $ 2,649,143 174,814 2,823,957 <br />'Retainage due on contracts <br />Completed contracts $ 224,864 <br />Uncompleted contracts 430,256 <br />Total retainage receivable $ 655,120 <br />(f) Property and Equipment <br />Property and equipment are stated at cost. Expenditures for <br />acquisitions, renewals and betterment are capitalized <br />whereas maintenance and repair costs are expensed as <br />incurred. When properties are retired or otherwise <br />disposed of, the appropriate accounts are relieved of costs <br />and accumulated depreciation and any resulting gain or loss <br />is credited or charged to income. <br />(continued) <br />(13;) <br />