Explain the major components of the balance sheet.  Identify and explain any asset or liability line item that comprises over 10% of the total balance of its perspective total. Your explanation should include the nature and composition of the line item and how it relates to the business (e.g. is it unique to this industry or company).

Consolidated Balance Sheets (Statement) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,345	$ 257
Marketable securities	514	508
Funds held at payment processors	146	50
Accounts receivable, net	291	58
Prepaid expenses and other current assets	221	125
Total current assets	5,517	998
Restricted cash	0	30
Operating lease right-of-use assets	203	166
Property and equipment, net	210	101
Intangible assets, net	74	103
Goodwill	316	306
Other assets	33	28
Total assets	6,353	1,732
Current liabilities:
Accounts payable	80	20
Operating lease liabilities	15	17
Convertible notes	364	0
Accrued expenses and other current liabilities	943	345
Total current liabilities	1,402	382
Operating lease liabilities	238	167
Other liabilities	13	1
Total liabilities	1,653	550
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.00001 par value, 235,860 and zero shares authorized, 230,667 and zero shares issued and outstanding as of December 31, 2019 and 2020, respectively; liquidation preference of $2,197 and zero as of December 31, 2019 and 2020, respectively	0	2,264
Stockholders’ (deficit) equity:
Common stock, par value, Class A, Class B and Class C shares authorized, issued and outstanding	0	0
Additional paid-in capital	6,313	70
Accumulated deficit	(1,613)	(1,152)
Total stockholders’ (deficit) equity	4,700	(1,082)
Total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity	$ 6,353	$ 1,732

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Redeemable convertible preferred stock, par value ($ per share)	$ 0.00001	$ 0.00001
Rebeemable convertible preferred, authorized (shares)	0	235,860,000
Redeemable convertible preferred, issued (shares)	0	230,667,000
Redeemable convertible preferred, outstanding (shares)	0	230,667,000
Redeemable convertible preferred liquidation preference	$ 0	$ 2,197,000,000
Common stock, par value ($ per share)	$ 0.00001	$ 0.00001
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (shares)	6,000,000,000	360,000,000
Common stock, issued (shares)	287,190,000	43,937,000
Common stock, outstanding (shares)	287,190,000	43,937,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (shares)	200,000,000	0
Common stock, issued (shares)	31,313,000	0
Common stock, outstanding (shares)	31,313,000	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, authorized (shares)	2,000,000,000	0
Common stock, issued (shares)	0	0
Common stock, outstanding (shares)	0	0

Answer rating: 100% (QA)

Balance sheet is one of the financial statement of a company which includes items such as assets liabilities and owners equity where the total assets should be equal to liabilities plus owners equity ... View the full answer