COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS
 3 Months Ended
Apr. 30, 2017
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS  
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS

 

The table below sets forth the aggregate amounts of costs charged to and earnings accrued on uncompleted contracts compared with the billings on those contracts through April 30 and January 31, 2017.

 

 

 

April 30,

 

January 31,

 

 

 

2017

 

2017

 

Costs charged to uncompleted contracts

 

$
685,672

 

$
485,629

 

Estimated accrued earnings

 
112,003

 
78,708

 

 

 

 

 

 

 

 

 
797,675

 
564,337

 

Less - billings to date

 
1,027,662

 
770,386

 

 

 

 

 

 

 

 

 

$
(229,987

)

$
(206,049

)

 

 

 

 

 

 

 

 

 

Amounts above are included in the accompanying condensed consolidated balance sheets under the following captions:

 

 

 

April 30,

 

January 31,

 

 

 

2017

 

2017

 

Costs and estimated earnings in excess of billings

 

$
4,357

 

$
3,192

 

Billings in excess of costs and estimated earnings

 
234,344

 
209,241

 

 

 

 

 

 

 

 

 

$
(229,987

)

$
(206,049

)

 

 

 

 

 

 

 

 

 

Costs charged to contracts include amounts billed to the Company for delivered goods and services where payments have been retained from subcontractors and suppliers. Retained amounts as of April 30, 2017, which were included in the Company’s balance of accounts payable as of that date, totaled $25.7 million. Generally, such amounts are expected to be paid prior to the completion of the applicable project.