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Determine balance sheet classification of unearned portion

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Ayayai Home Inc. offers its customers two furnace maintenance services. One service is for a one-time cleaning and servicing of a home furnace at a cost of $120. Customers can earn a 5% discount from this price if they pay before Ayayai's calendar fiscal year for maintenance services to be performed in the following year. The second service offered by Ayayai is a three-year maintenance plan that sells for $300. The first year's maintenance service for this three-year plan will be delivered before Ayayai's fiscal year end. No discount for early payment is offered for the second plan.

Question 1: Determine the balance sheet classification of the unearned portion of the revenue collected.

  1. Current portion$
  2. Non-current portion

Reference no: EM132519014

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