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Craig A. Smith & Associate, Inc. and NIPS311), LLC <br />Notes to Financial Statements <br />NOTE 10 - COST AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON <br />UNCOMPLETED CONTRACTS <br />As of December 31, 2015 and 2014, costs and estimated earnings in excess of billings on <br />uncompleted contracts are as follows: <br />Contract costs incurred plus recognized <br />profits to date <br />(Less): Progress billings to date <br />Costs and estimated earnings in excess <br />of billings on uncompleted contracts <br />December 31, <br />2015 2014 <br />$ 324,508 $ 332,710 <br />(262,227) (262,561) <br />$ 62,281 $ 70,149 <br />NOTE 11 — DATE OF MANAGEMENT REVIEW <br />In preparing the financial statements, management has evaluated events and transactions for <br />potential recognition or disclosure through March 2, 2016, the date that the financial statements <br />were available to be issued. <br />13- <br />152 <br />