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On June 1, a company collected an $18,000 advance payment from a customer. The company will earn the payment over 12 months. What amount should the company report as a current liability at the end of the current calendar year

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An amount of $18,000 will be recorded as a current liability at the end of the current calendar year.

What is an advance payment?

This means a payment type that is made ahead of its normal schedule such as paying for a good or service before you actually receive it.

An advance payment will be recorded as repayment under the current liability in balance sheet.

Read more about current liability

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