Page 59 - PC Tax RFP

THE PERRYCOMPANY OF 7TH AVENUE, INC. NOTES TO REVIEWED FINANCIAL STATEMENTS DECEMBER 31, 2014
NOTE 10: CONTRACT BACKLOG (continued)
Contract revenues backlog on uncompleted contracts as of December 31, 2013
Contract adjustments, change orders in 2014 Contract revenues for new contracts, 2014
Contract revenues earned in 2014 Contracts Backlog at December 31, 2014
THE PERRY COMPANY
$7,621,536 5,958,600 7,115,593
20,695,729 (13,104,441) $7,591,288
In addition, between January 1, 2015 and May 6, 2015, the Company entered into additional construction contracts with revenues of $8,993,389.
NOTE 11: FINANCIAL INSTRUMENTS, AND CONCENTRATION OF CREDIT RISK
The Company’s financial instruments include cash, accounts receivable-trade, accounts payable, long-term debt and due to stockholders. Financial instruments that are exposed to concentration of credit risk consist primarily of cash and accounts receivable-trade. The Company places its temporary cash investments in what management believes to be high quality financial institutions. At December 31, 2014 and at various times during the year, the Company maintained cash bank balances in excess of FDIC insurable limits. The Company has no collateral on its accounts receivable. All of the Company’s financial instruments are recorded at cost, which is deemed to approximate fair value.
During 2014 $9,305,182 of the revenues recognized were derived from one contract that was completed in 2015.
NOTE 12: DATE OF MANAGEMENT’S REVIEW
In accordance with the accounting and disclosure requirements for subsequent events, management has evaluated subsequent events through the date of the independent auditor’s report on page one, which is the date the financial statements were available to be issued. Subsequent events occurring after this date have not been evaluated by management. No material events have occurred since December 31, 2014 that requires recognition or additional disclosure in the financial statements besides the items already disclosed in these notes.
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