Chapter 1, Problem 12E

How can I solve this financial accounting problem using the appropriate financial process?

Transactions: Dec. 3 Wrote off Langston Corporation’s past-due account as uncollectible, $645.75. M203.   9 Accepted a 90-day, 8% note from Farris Company for an extension of time on its account, $2,400.00. NR23.   18 Received cash from Storage Solutions for the maturity value of NR19, a 90-day, 9% note for $2,000.00. R455.   21 Coastal Supply dishonored NR21, a 90-day, 8% note, for $3,000.00. M245.   30 Received cash in full payment of Langston Corporation’s account, previously written off as uncollectible, $645.75. M232 and R463.       Task 1 Journalize the transactions for Miller Corporation in Questions Assets that were completed during December of the current year. Use page 12 of the general journal and page 12 of the cash receipts journal. Task 2 Post each entry to the general ledger and to the customer accounts in the accounts receivable ledger. You will not need to make entries to the Item columns of the ledgers. Task 3 Continue to…

E-M:11-18 Using payback to make capital investment decisions Consider the following three projects. All three have an initial investment of $600,000. Net Cash Inflows Year Project L Project M Project N   Annual Accumulated Annual Accumulated Annual Accumulated 1 $ 150,000 $    150,000  $ 100,000 $   100,000   $ 300,000  $300,000 2   150,000    300,000   200,000   300,000   300,000   600,000 3   150,000   450,000   300,000   600,000     4   150,000    600,000   400,000 1,000,000      5   150,000   750,000   500,000 1,500,000     6   150,000   900,000         7  150,000 1,050,000         8 150,000 1,200,000         1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback. 2. Are there other factors that should be considered in addition to the payback period?