Report $40,000 in the balance sheet as a current asset.Report $30,305 in the balance sheet as an intangible asset.Report $33,087 in the balance sheet as an intangible asset.Report $33,087 in the balance sheet as an investment in financial assets.Report $9,695 in the income statement as an impairment loss.Report $6,913 in the income statement as an impairment loss. A company paid $40,000 cash to purchase one Bitcoin on January 8, 2021, Bitcoin's price fell to $30,305 per coin on January 11, 2021, and recovered to$33,087 per coin on January 31, 2021. If these are the only events involving Bitcoin, indicate which of the following the company would report in itsfinancial statements on January 31, 2021. (Check all that apply.)

Cryptocurrencies are a form of digital currency designed as medium of exchange.It can not be…

A company paid $40,000 cash to purchase one Bitcoin on January 8, 2021. Bitcoin's price fell to $30,305 per coin on January 11, 2021, and recovered to $33,087 per coin on January 31, 2021. If these are the only events involving Bitcoin, indicate which of the following the company would report in its financial statements on January 31, 2021. (Check all that apply.)

A company paid $40,000 cash to purchase one Bitcoin on January 8, 2021. Bitcoin's price fell to $30,305 per coin on January 11, 2021, and recovered to $33,087 per coin on January 31, 2021. If these are the only events involving Bitcoin, indicate which of the following the company would report in its financial statements on January 31, 2021. (Check all that apply.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Present solution in good accounting form.
BBB Company's check book balance on December 31,2020 was P5,000,000. In addition, BBB Company held the following items in its safe on that date: Check payable to BBB Company, dated January 2,2021 in payment of a sale made in December 2020, included in December 31 check book balance 2,000,000 Check payable on BBB Company, deposited December 15 and not included in December 31 checkbook balance but returned by bank on December 30 stamped "NSF". The check was deposited on January 2, 2021 and cleared on January 9,2021. Check drawn on BBB Company's account, payable to vendor, dated and 500,000 recorded in BBB Company's books on December 31,2020 but not mailed until January 10,2021 300,000 2. What is the amount to be reported as "cash" on December 31,2020?