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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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10/14/2020 1:08:04 PM
Creation date
10/14/2020 1:07:51 PM
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Board of Public Works
Document Type
Contracts
Document Date
10/13/2020
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Reynolds Construction, LLC <br />Notes to Financial Statements <br />December 31, 2019 and 2018 <br />Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Accounts past due <br />more than 120 days are considered delinquent. Delinquent receivables are written off based on <br />individual credit evaluation and specific circumstances of the customer. <br />Retention receivables for which the Company has an unconditional right to payment that is only <br />subject to the passage of time are included in accounts receivable. Retention receivables subject to <br />conditions other than the passage of time, such as fulfillment guarantees, future performance, or <br />achievement of stated milestones are included in contract assets. <br />Inventory Pricing <br />Inventories consist of purchased materials. Inventories are stated at the lower of cost or net <br />realizable value. <br />Property and Equipment <br />Property and equipment are depreciated over the estimated useful life of each asset. Annual <br />depreciation is computed using the straight-line method. Leasehold improvements are amortized <br />over the shorter of the lease term or estimated useful lives. <br />The estimated useful lives for each major depreciable classification of property and equipment are <br />as follows: <br />Building and leasehold improvements15 - 39 years <br />Construction equipment3 - 10 years <br />Office furniture and equipment3 - 5 years <br />Vehicles5 - 10 years <br />Long-Lived Asset Impairment <br />The Company evaluates the recoverability of the carrying value of long-lived assets whenever <br />events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset <br />is tested for recoverability and the undiscounted estimated future cash flows expected to result <br />from the use and eventual disposition of the asset is less than the carrying amount of the asset, the <br />asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the <br />carrying amount of a long-lived asset exceeds its fair value. <br />No asset impairment was recognized during the years ended December 31, 2019 and 2018. <br />Allocation of Equipment Costs <br />The Company charges each contract for the use of the Company-owned equipment based upon pre- <br />established monthly rates. The actual equipment costs, including depreciation, are accumulated <br />separately. The difference between amounts charged to contracts and the actual costs is netted <br />within cost of revenue earned in the statements of operations. <br />8 <br /> <br />
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