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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
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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 Payable <br />Retainage payable, included in accounts payable, was approximately $4,891,000 and $5,077,000 at <br />December 31, 2019 and 2018, respectively. <br />Contract Liabilities <br />Contract liabilities represent the Company’s obligation to transfer goods or services to a customer <br />when consideration has already been received from the customer. <br />Income Taxes <br />The Company is not directly subject to income taxes under the provisions of the Internal Revenue <br />Code and applicable state law. Therefore, taxable income or loss is reported to the member for <br />inclusion in its respective tax returns and no provision for federal and state income taxes has been <br />included in the accompanying financial statements. <br />Revenue and Cost Recognition - 2018 <br />Profits from construction contracts are generally recognized by applying percentages of completion <br />for each year to the total estimated profits for the respective contracts. The length of each contract <br />varies, but is typically about one to three years. The percentages of completion are determined by <br />relating the actual costs of work performed to date to the current estimated total costs of the <br />respective contracts. Contract costs include all direct material and labor costs and those indirect <br />costs related to contract performance, such as indirect labor, supplies, tools, repairs and <br />depreciation costs. Selling, general and administrative costs are charged to expense as incurred. <br />When the estimate on a contract indicates a loss, the Company’s policy is to record the entire loss. <br />The cumulative effect of revisions in estimates of total costs or revenue during the course of the <br />work is reflected in the accounting period in which the facts that caused the revision first become <br />known. An amount equal to the costs attributable to unapproved change orders and claims is <br />included in the total estimated revenue when realization is probable. Profit from claims is recorded <br />in the year such claims are resolved. Because of the inherent uncertainties in estimating costs and <br />revenues, it is at least reasonably possible that the estimates used could change in the near term. <br />Revenue Recognition - 2019 <br />Revenue is recognized when control of the promised services is transferred to the Company’s <br />customers, in an amount that reflects the consideration that it expects to be entitled to in exchange <br />for those services. The amount and timing of revenue recognition varies based on the nature of the <br />services provided and the terms and conditions of the customer contract. See Note 2 for additional <br />information about the Company’s revenue. <br />9 <br /> <br />
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