All accounting accounts related to revenue are listed here!

【Answer 1】 (IX) 'Cost of Expected Returns' 1. This account records the carrying value of goods expected to be returned upon sale, less the estimated costs associated with recovering those goods (including any impairment in the returned goods’ value). 2. This account may be sub-categorized by contract. 3. Primary accounting treatments for 'Cost of Expected Returns': When an enterprise makes a sale subject to a right of return, upon the customer obtaining control of the related goods, the enterprise shall debit accounts such as 'Bank Deposit', 'Accounts Receivable', 'Notes Receivable', or 'Contract Assets' for the amount received or receivable under the contract; credit 'Main Business Revenue' or 'Other Business Revenue', etc., for the consideration amount to which the enterprise expects to be entitled in exchange for transferring the goods (i.e., excluding amounts expected to be refunded due to sales returns); and credit 'Provision for Liabilities—Refundable Amounts on Returns', etc., for the amount expected to be refunded due to sales returns. When transferring related costs, the enterprise shall debit this account for the carrying value of the goods expected to be returned, less the estimated costs of recovering those goods (including any impairment in their value); credit 'Inventory', etc., for the carrying value of the goods transferred; and debit 'Main Business Cost' or 'Other Business Cost', etc., for the difference. VAT-related entries shall also be made accordingly. 4. The ending debit balance of this account reflects the carrying value of goods expected to be returned, less the estimated costs of recovering those goods (including any impairment in their value). In the balance sheet, this balance is classified as either 'Other Current Assets' or 'Other Non-current Assets', depending on its liquidity. 【Supplement】Typical Accounting Entries: (1) At the time of credit sale recognizing revenue: Debit: Accounts Receivable (full amount including VAT) Credit: Main Business Revenue (total selling price × estimated non-return rate) Provision for Liabilities (total selling price × estimated return rate) Taxes Payable—VAT Payable (Output Tax) Simultaneously: Debit: Main Business Cost (total cost × estimated non-return rate) Cost of Expected Returns (total cost × estimated return rate) Credit: Inventory (total cost) (2) Upon receipt of payment at maturity: Debit: Bank Deposit Credit: Accounts Receivable (3) Adjustment of estimated return rate: If the estimated return rate is lowered: Debit: Provision for Liabilities Credit: Main Business Revenue Simultaneously: Debit: Main Business Cost Credit: Cost of Expected Returns If the estimated return rate is raised, the entries are reversed. (4) Upon expiration of the return period: If the actual return rate equals the estimate: Debit: Inventory Provision for Liabilities Taxes Payable—VAT Payable (Output Tax) Credit: Bank Deposit Cost of Expected Returns If the actual return rate is lower than estimated: Debit: Inventory Provision for Liabilities Taxes Payable—VAT Payable (Output Tax) Credit: Bank Deposit Cost of Expected Returns Main Business Revenue Simultaneously: Debit: Main Business Cost Credit: Cost of Expected Returns If the actual return rate is higher than estimated: Debit: Inventory Provision for Liabilities Taxes Payable—VAT Payable (Output Tax) Main Business Revenue Credit: Bank Deposit Cost of Expected Returns Main Business Cost

Accounting treatment of revenue under the new revenue standard — scope of accounting for each account

【Answer 2】 Accounting for revenue generally requires establishing the following accounts: (I) 'Main Business Revenue' 1. This account records revenue recognized from core business activities such as sale of goods and provision of services. 2. This account may be sub-categorized by type of main business activity. 3. Primary accounting treatments for 'Main Business Revenue': (1) When an enterprise satisfies a distinct performance obligation under a contract, it shall debit accounts such as 'Bank Deposit', 'Accounts Receivable', 'Notes Receivable', or 'Contract Assets' for the amount received or receivable under the contract plus applicable VAT; credit this account for the revenue amount to be recognized; and credit 'Taxes Payable—VAT Payable (Output Tax)' or 'Taxes Payable—Deferred Output Tax', etc., for the applicable VAT amount. (2) Where a contract provides the customer with a significant financing benefit, the enterprise shall debit 'Long-term Receivables', etc., for the contractual receivable amount; credit this account for the transaction price determined based on the cash selling price (i.e., the amount the customer would pay if paying in cash upon obtaining control of the goods); and credit 'Unrealized Financing Income' for the difference. Where a contract provides the enterprise with a significant financing benefit from the customer, the enterprise shall debit 'Bank Deposit', etc., for the amount received; credit 'Contract Liability', etc., for the transaction price determined based on the cash selling price (i.e., the amount payable by the customer if paying in cash upon obtaining control of the goods); and debit 'Unrecognized Financing Expense' for the difference. VAT-related entries shall also be made accordingly. (3) When consideration received is a non-cash asset, the enterprise shall debit relevant accounts such as 'Inventory', 'Fixed Assets', or 'Intangible Assets' for the fair value of that non-cash asset on the contract commencement date, and credit this account. VAT-related entries shall also be made accordingly. 4. At period-end, the balance of this account shall be transferred to 'Profit for the Year'; after such transfer, this account shall have no remaining balance. (II) 'Other Business Revenue' 1. This account records revenue generated from activities other than core business operations, including leasing of fixed assets, leasing of intangible assets, leasing of packaging materials and goods, sale of raw materials, and non-monetary exchanges of materials (where the non-monetary asset exchange has commercial substance and fair value can be reliably measured). 2. This account may be sub-categorized by type of other business activity. 3. Primary accounting treatments for 'Other Business Revenue' follow those described for 'Main Business Revenue'. 4. At period-end, the balance of this account shall be transferred to 'Profit for the Year'; after such transfer, this account shall have no remaining balance. (III) 'Main Business Cost' 1. This account records the costs to be transferred when recognizing revenue from core business activities such as sale of goods and provision of services. 2. This account may be sub-categorized by type of main business activity. 3. Primary accounting treatments for 'Main Business Cost': At period-end, the enterprise shall calculate the main business cost to be transferred based on the actual costs of goods sold and services rendered during the period, debit this account, and credit 'Inventory', 'Contract Fulfillment Costs', etc. 4. At period-end, the balance of this account shall be transferred to 'Profit for the Year'; after such transfer, this account shall have no remaining balance.

AdvanSix Inc. Non-operating Income (Total) – HAN:960

2 days ago

AdvanSix Inc. financial data is listed on the Hannover Stock Exchange, focusing on total non-operating income. The entry includes standard market data disclaimers and legal information for data providers.

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