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TGSV ENTERPRISES, INC. <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />DECEMBER 31, 2017 <br /> <br /> <br />5 CONTRACTS RECEIVABLE <br /> <br />Contracts receivable consists of the following at December 31, 2017: <br /> <br /> Completed contracts $ 16,620 <br /> Contracts in progress 2,073,313 <br /> Unbilled 2,002 <br /> 2,091,935 <br /> Retentions: <br /> Contracts in progress 458,666 <br /> $ 2,550,601 <br />Substantially all the retained receivables at December 31, 2017 are expected to be collected <br />within one year. <br /> <br />6 COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS <br /> <br />Costs and estimated earnings on uncompleted contracts accounted for by using the <br />percentage-of-completion method consist of the following at December 31, 2017: <br /> <br /> Costs incurred on uncompleted contracts $ 43,043,763 <br /> Estimated earnings 2,251,881 <br /> 45,295,644 <br /> Less: Billings to date 45,681,453 <br /> $ (385,809) <br />This amount is included in the accompanying balance sheet under the following captions at <br />December 31, 2017: <br /> Costs and estimated earnings in excess of <br /> billings on uncompleted contracts <br /> <br />$ 95,311 <br /> Billings in excess of costs and estimated <br /> earnings on uncompleted contracts <br /> <br /> (481,120) <br /> $ (385,809) See independent accountants’ review report. <br />-12-