1. What journal entries should be made by ONJ for the advertising agreement with the Bank of Choice and when? (3 points) 2. What is the debt-to-equity ratio of ONJ

as of December 31, 2019? (3 points) 3. If ONJ had used the double-declining balance method, what is the balance in the Accumulated Depreciation account as of December 31, 2019? (2 points) 4. If the loan owed to the Bank of Choice provided for interest that compounds semiannually rather than annually, what interest expense should be recorded by ONJ for 2019? (2 points) 5. How much would its working capital change at December 31, 2019, if ONJ had chosen the sum-of-years digits method instead of the straight-line method for depreciation? (2 points) 6. What are cash flows from operations for ONJ for the year ended December 31, 2019? (3points) 7. If the loan to the Bank of Choice did not provide for any interest payments, how much would the bank have loaned to ONJ at September 1, 2019? (2 points) 8. Which of the foundational principles of GAAP are applicable to the formation of ONJ on April 27, 2019? (1 point) 9. What is the Retained Earnings of ONJ at December 31, 2019? (3 points) 10. Doug suggests that ONJ “capitalize" the cost of the server that was purchased in October of2019. What is the effect on the Statement of Cash Flows? (2 points) 11. What judgements are available to ONJ that affect its financial reporting? What risks are there? (3 points) 12. What journal entry should ONJ make to record the sales in October, November, and December of 2020? (4 points) 13. What is the Cost of Goods Sold for the year ended December 31, 2020, if the LIFO cost flow assumption is used? (2 points) 14. How many days does it take ONJ to get paid for the credit sales of its USB drives? (3 points) 15. What is the difference between Net Income and Cash Flows from Operations for the year ended December 31, 2020? (5 points) 16. What is the return on assets for the year ended December 31, 2020? (5 points) 17. What is the change in working capital during 2020? (5 points) 18. Of Bill, Jim, Doug, Flo, and Henry, who is responsible for the financial reporting of ONJ?Which of them could serve as auditor of the ONJ financial reports? (2 points) 19. What is the fair market value of ONJ as of today's date? (3 points) 20. Assess the liquidity needs of ONJ for 2021. (2 points) 21. What risks might a financial statement auditor identify when conducting an audit of the 2020ONJ financial reports? (2 points) 22. What information should be included in the financial reports thar are issued by ONJ? (2 23. What is the return on Bill’s investment in ONJ for the year ended December 31, 2020? (4points) 24. Beginning in 2021, Bill and Jim are would like to have ONJ distribute part of its profits to them in cash. What is the effect on the income statement and the statement of cash flows? (3points) 25. In early 2021, ONJ began negotiations to purchase an ownership interest in Norwela, a corporation that produces USB drives. How would ONJ report such a purchase on its financial reports? (2 points)