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Opening of Bids - 2022 Curb and Sidewalk Construction, Round II Proj No. 122-044 - Selge Construction Co., Inc.
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Opening of Bids - 2022 Curb and Sidewalk Construction, Round II Proj No. 122-044 - Selge Construction Co., Inc.
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12/13/2022 3:05:55 PM
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12/13/2022 3:03:35 PM
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Board of Public Works
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Projects
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12/13/2022
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Selge Construction Company, Inc. <br />Notes to Financial Statements <br />Note 1. Nature of Business and Significant Accounting Policies (Continued) <br />Depreciation of property and equipment is computed principally by the straight-line method over the <br />estimated useful lives of the related assets as follows: <br />Years <br />Buildings and improvements 5-39 <br />Construction equipment 5-15 <br />Automotive and trucks 5-7 <br />Office equipment 3-10 <br />Long-lived assets: In accordance with accounting standards, the Company reviews its long-lived assets <br />periodically to determine potential impairment by comparing the value of the long-lived assets with the <br />estimated future net undiscounted cash flows expected to result from the use of the assets, including <br />cash flows from disposition. Should the sum of the expected future net cash flows be less than the <br />carrying value of the related asset, the Company would recognize an impairment loss at that date. An <br />impairment loss would be measured by comparing the amount by which the carrying value exceeds the <br />fair value of the long-lived assets. During the years ended February 28, 2022 and 2021, the Company <br />determined that no impairment loss was necessary. <br />Revenue recognition: The Company utilizes the percentage of completion method for reporting revenue <br />on the majority of its construction contracts. Under this method, a portion of the total contract revenue is <br />recognized as revenue based on the Company's estimate of job completion. See Note 2 for further <br />information on the Company's revenue recognition. <br />Income taxes: The Company, with the consent of its stockholders, has elected to have its income taxed <br />under Section 1362 of the Internal Revenue Code and a similar section of the state tax laws which <br />provide that, in lieu of corporation income taxes, the stockholders account for their proportionate share of <br />the Company's items of income, deduction, losses and credits. It is the Company's intent to make <br />distributions to stockholders for their individual income tax liabilities relating from the Company's income. <br />Management has evaluated the Company's tax positions and concluded that the Company has taken no <br />uncertain tax positions that require adjustment to the financial statements to comply with the provisions of <br />accounting guidance for uncertainty in income taxes. <br />The Company files income tax returns in the U.S. federal, Indiana and Michigan jurisdictions. With few <br />exceptions, the Company is no longer subject to tax examinations by the U.S. federal, state, or local tax <br />authorities for years before the Company's fiscal and tax year end of February 28, 2019. <br />The Company is required at times to make federal tax deposits in order to retain its fiscal year end. The <br />federal tax deposit of approximately $571,000 and $313,000 at February 28, 2022 and 2021, respectively, <br />is reflected as a long-term asset in the Company's accompanying balance sheets. <br />
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