Attached is the problem I downloaded from Coursehero.com, my question is how did you get the answer to July 1 on 14-1A? I don't want go be given the answers, I want to know how you got the answers.

Problem 14-1A On January 1, 2014, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 64,000 shares issued and outstanding) $1,280,000 Paid-in Capital in Excess of ParCommon Stock Retained Earnings 191,300 625,900 During the year, the following transactions occurred. Feb. 1 Mar. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Apr. 1 July 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Declared a 13% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. 31 Dec. 1 31 Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2015. Determined that net income for the year was $330,000. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Feb. 1 Account Titles and Explanation Cash Dividend Debit 128000 Dividend Payable Mar. 1 Dividend Payable 128000 128000 Cash Apr. 1 No entry 128000 0 No entry July 1 Stock Dividend 0 1792000 Com on Stock D m 166400 Paid in Capital - in PaidJuly 31 Com on Stock D m 1625600 166400 Com on Stock m Dec. 1 Cash Dividend Dividend Payable Credit 166400 81792 81792 Incom Sum ary e m Dec. 31 330000 Retained Earning 330000 (To close net income) Retained Earning 166400 Stock Dividend 166400 (To close stock dividends) Retained Earning 209792 Cash Dividend 209792 (To close cash dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date J an. 1 J uly 31 Explanation Balance Re f Debit Credit Balance 1280000 Adjusting 166400 1446400 Common Stock Dividends Distributable Date J uly 1 J uly 31 Explanation Re f Debit Stock Dividend declared Credit 166400 Stock dividend distributed 166400 Balance 166400 0 Paid-in Capital in Excess of ParCommon Stock Date J an. 1 J uly 1 Explanation Balance Re f Debit Credit Balance 191300 Adjusting 1625600 1816900 Retained Earnings Date Explanation Re f Debit Credit Balance J an. 1 Dec. 31 Dec. 31 Dec. 31 Balance 625900 Net income 330000 Stock dividend 955900 166400 209792 Cash dividend 789500 579708 Cash Dividends Date Feb. 1 Dec. 1 Dec. 31 Explanation Re f Dividend declared Debit Credit Balance 128000 81792 Dividend Paid 128000 81792 Retained Earning 2079792 0 Stock Dividends Date J uly 31 Dec. 31 Explanation Dividend declared Re f Debit Credit Balance 166400 Retained Earning 166400 166400 0 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) GEFFREY CORPORATION Balance Sheet (Partial) December 31, 2014 Stockholders' Equity Paid-in Capital Capital Stock Com on Stock m Additional Paid-in Capital $ 1446400 Paid in Capital - Excess of Par 1816900 3263300 Total Paid-in Capital Retained Earning 579708 3843008$ Total Stockholders' Equity Problem 14-2A The stockholders' equity accounts of Karp Company at January 1, 2014, are as follows. Preferred Stock, 6%, $50 par Common Stock, $4 par $560,000 632,000 Paid-in Capital in Excess of ParPreferred Stock Paid-in Capital in Excess of ParCommon Stock 210,200 307,100 Retained Earnings 841,900 There were no dividends in arrears on preferred stock. During 2014, the company had the following transactions and events. July 1 Aug. 1 Sept. 1 Dec. 1 Declared a $0.60 cash dividend per share on common stock. Discovered $22,600 understatement of 2013 depreciation on equipment. (Ignore income taxes.) Paid the cash dividend declared on July 1. Declared a 14% stock dividend on common stock when the market price of the stock was $17 per share. 15 31 Declared a 6% cash dividend on preferred stock payable January 15, 2015. Determined that net income for the year was $350,800. 31 Recognized a $212,400 restriction of retained earnings for plant expansion. Journalize the transactions, events, and closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date July 1 Account Titles and Explanation Cash Dividend Debit 94800 Dividend Payable Aug. 1 Prior Period Adjus 94800 22600 Retained Earning Sept. 1 Dividend Payable 22600 94800 Cash Dec. 1 Stock Dividend Credit 94800 2686000 Com on Stock D m 88480 88480 Paid in Capital - in Cash Dividend Dec. 15 2597520 33600 Divdend Payable Incom Sum ary e m Dec. 31 33600 350800 Retained Earning 350800 (To close net income) Retained Earning 128400 Cash Dividend 128400 (To close cash dividends) Retained Earning 88480 Stock Dividend 88480 (To close stock dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT Enter the beginning balances in the accounts, and post to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) Preferred Stock Date Dec. 31 Explanation Balance Re f Debit Credit Balance 560000 Common Stock Date Dec. 31 Explanation Balance Re f Debit Credit Balance 720480 Common Stock Dividends Distributable Date Explanation Re f Debit Credit Balance Dividend Declared Dec. 1 88480 88480 Dec. 1 88480 88480 Paid-in Capital in Excess of ParPreferred Stock Date J an. 1 Explanation Balance Re f Debit Credit Balance 210200 Paid-in Capital in Excess of ParCommon Stock Date J an. 1 Dec. 1 Explanation Balance Re f Debit Credit Balance 307100 Stock Dividend 2597520 2904620 Retained Earnings Date J an. 1 Aug. 1 Dec. 31 Dec. 31 Dec. 31 Explanation Balance Re f Debit Credit Prior period adjustment depreciation 841900 22600 Net income 819300 350800 Cash dividends Balance 1170100 128400 88480 Stock dividends 1041700 953220 Cash Dividends Date J uly 1 Dec. 15 Dec. 31 Explanation Re f Dividend Payable - Equity Debit Credit Balance 94800 33600 Dividend Payable - Preference 94800 128400 Retained Earnings 128400 0 Stock Dividends Date Dec. 1 Dec. 31 Explanation Dividend Payable Retained Earnings SHOW LIST OF ACCOUNTS Re f Debit Credit 88480 Balance 88480 88480 0 LINK TO TEXT Prepare a retained earnings statement for the year. (List items that increase retained earnings first.) KARP COMPANY Retained Earnings Statement For the Year Ended December 31, 2014 $ Balance, J anuary 1, as reported 841900 Correction of 2013 Depreciation 22600 Balance, J anuary 1, as adjusted 819300 Add 350800 Net Incom / (Loss) e : 1170100 Less : $ Cash DividendsCom on m 94800 Cash DividendsPreferred 33600 Stock DividendsCom on m 88480 216880 $ Balance, Decem 31 ber 953220 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a stockholders' equity section at December 31, 2014. (Enter account name only and do not provide descriptive information.) KARP COMPANY Balance Sheet (Partial) December 31, 2014 Stockholders' Equity Paid-in Capital Capital Stock Retained Earning $ 953220 $ Com on Stock m 720480 Preferred 560000 1280480 2233700 Total Paid-in Capital and Retained Earnings Additional Paid-in Capital Com on m 2904620 Preferred 210200 3114820 Total Additional Paid-in Capital 5348520 Total Stockholders' Equity Dividend Payable 128400 5476920 Total Liabilities and Stockholders' Equity Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2014, contains the following stockholders' equity accounts. Preferred Stock (14,900 shares issued) Common Stock (248,000 shares issued) $745,000 2,480,000 Paid-in Capital in Excess of ParPreferred Stock Paid-in Capital in Excess of ParCommon Stock 242,400 405,300 Common Stock Dividends Distributable Retained Earnings 248,000 959,840 A review of the accounting records reveals the following. 1. 2. 3. 4. 5. 6. No errors have been made in recording 2014 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and cumulative; 14,900 shares have been outstanding since January 1, 2013. Authorized stock is 19,900 shares of preferred, 496,000 shares of common with a $10 par value. The January 1 balance in Retained Earnings was $1,143,600. On July 1, 18,400 shares of common stock were issued for cash at $17 per share. On September 1, the company discovered an understatement error of $91,800 in computing depreciation in 2013. The net of tax effect of $64,260 was properly debited directly to Retained Earnings. 7. A cash dividend of $248,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2013. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $17. 9. Net income for the year was $550,100. 10. On December 31, 2014, the directors authorized disclosure of a $202,200 restriction of retained earnings for plant expansion. (Use Note X.) Reproduce the Retained Earnings account for 2014. (List items in order presented in the problem.) Retained Earnings Sept. 1 Prior Per. Adj. 64260 J an. 1 Balance 1143600 Dec. 31 Cash Dividends 248000 Dec. 31 Net Incom e 550100 Dec. 31 Cash Dividends 248000 Dec. 31 Stock Dividends 421600 Dec. 31 Balance Dec. 31 Net Incom e 550100 959840 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for 2014. (List items that increase retained earnings first.) STOREY CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 $ Balance, J anuary 1, as reported 1143600 Correction of Overstatem of 2013 Net Incom ent e 64260 Balance, J anuary 1, as adjusted 1079340 Add 550100 Net Incom / (Loss) e : 1629440 Less : $ Cash Dividends 248000 Stock Dividends 421600 669600 $ Balance, Decem 31 ber 959840 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a stockholders' equity section at December 31, 2014. (Enter account name only and do not provide descriptive information.) STOREY CORPORATION Partial Balance Sheet December 31, 2014 Stockholders' Equity Stockholders' Equity Paid-in Capital Capital Stock $ Preferred Stock 745000 $ Com on Stock m 2480000 Retained Earning 959840 3439840 4184840 Total Paid-in Capital and Retained Earnings Additional Paid-in Capital Preferred 242400 Com on m 405300 647700 Total Additional Paid-in Capital 4832540 Total Stockholders' Equity Com on Stock D m 248000 $5080540 Total Liabilities and Stockholders' Equity Problem 14-4A On January 1, 2014, Ven Corporation had the following stockholders' equity accounts. Common Stock (no par value, 94,000 shares issued and outstanding) Retained Earnings $1,428,300 532,500 During the year, the following transactions occurred. Feb. 1 Mar. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Apr. 1 July 1 Announced a 3-for-1 stock split. Prior to the split, the market price per share was $37. Declared a 4% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $11 per share. Issued the shares for the stock dividend. 31 Dec. 1 31 Declared a $0.90 per share dividend to stockholders of record on December 15, payable January 5, 2015. Determined that net income for the year was $378,300. (Enter account name only and do not provide descriptive information.) (a) Prepare the stockholders' equity section of the balance sheet at March 31. VEN CORPORATION Partial Balance Sheet March 31, 2014 Stockholders' Equity Paid-in Capital Capital Stock $ Com on Stock m 1428300 Retained Earning 438500 Total Stockholders' Equity 1866800 $ (b) Prepare the stockholders' equity section of the balance sheet at June 30. VEN CORPORATION Partial Balance Sheet June 30, 2014 Stockholders' Equity Paid-in Capital Capital Stock $ Com on Stock (2 m 1428300 Retained Earning 438500 Total Stockholders' Equity 1866800 $ (c) Prepare the stockholders' equity section of the balance sheet at September 30. VEN CORPORATION Partial Balance Sheet September 30, 2014 Stockholders' Equity Paid-in Capital Capital Stock $ Com on Stock an m 2462300 Retained Earning 381368 Total Stockholders' Equity 2843668 $ (d) Prepare the stockholders' equity section of the balance sheet at December 31, 2014. VEN CORPORATION Partial Balance Sheet December 31, 2014 Stockholders' Equity Paid-in Capital Capital Stock $ Com on Stock an m 2462300 Retained Earning 292093 2754393$ Total Stockholders' Equity Problem 17-1A You are provided with the following transactions that took place during a recent fiscal year. Complete the table indicating whether each item affects operating activities, investing activities, financing activities, or is a noncash transaction reported in a separate schedule, and represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach. Transaction Statement of Cash Flow Activity Affected Cash Inflow, Outflow, or No Effect? Operating Activity No Cash Flow Effect (b) Recorded and paid interest expense. Financing Activity Cash Outflow (c) Investing Activity Cash Inflow (d) Acquired land by issuing common stock. Noncash Transaction No Cash Flow Effect (e) Paid a cash dividend to preferred stockholders. Financing Activity Cash Outflow (f) Paid a cash dividend to common stockholders. Financing Activity Cash Outflow (g) Recorded cash sales. Operating Activity Cash Inflow (h) Recorded sales on account. Noncash Transaction No Cash Flow Effect (i) Purchased inventory for cash. Operating Activity No Cash Flow Effect (j) Purchased inventory on account. Noncash Transaction (a) Recorded depreciation expense on the plant assets. Recorded cash proceeds from a disposal of plant assets. No Cash Flow Effect Problem 17-2A The following account balances relate to the stockholders' equity accounts of Kerbs Corp. at year-end. Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013 Preferred stock, 5,000 shares Retained earnings 2014 $166,680 2013 $139,080 102,960 300,100 102,960 256,240 A small stock dividend was declared and issued in 2014. The market value of the shares was $10,960. Cash dividends were $15,050 in both 2014 and 2013. The common stock has no par or stated value. What was the amount of net income reported by Kerbs Corp. in 2014? $ Net income 315150 LINK TO TEXT Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2014. $ Common stock 27600 Dividends 15050 Inflow $ Outflow LINK TO TEXT Indicate where each of the cash inflows or outflows identified above would be classified on the statement of cash flows. Common stock Financing Dividends Financing Problem 17-7A Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash 2014 $34,830 Accounts receivable Inventory Equipment Accumulated depreciationequipment Total 2013 $19,070 32,180 26,230 18,220 20,010 59,760 (29,430 ) 77,050 (23,890 ) $123,570 Liabilities and Stockholders' Equity Accounts payable $110,460 $28,180 $ 16,710 Income taxes payable Bonds payable 7,230 26,940 8,280 33,640 Common stock Retained earnings 18,900 42,320 14,080 37,750 $123,570 $110,460 Total NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue Cost of goods sold Gross profit $242,550 176,540 66,010 Operating expenses Income from operations 23,330 42,680 Interest expense Income before income taxes 3,080 39,600 Income tax expense 8,890 Net income $30,710 Additional data: 1. Dividends declared and paid were $26,140. 2. During the year equipment was sold for $7,690 cash. This equipment cost $17,290 originally and had a book value of $7,690 at the time of sale. 3. All depreciation expense, $15,140, is in the operating expenses. 4. All sales and purchases are on account. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows fromOperating Activities $ Net Incom e 42680 Adjustments to reconcile net income to Cash Flows fromOperating Activities $ For Incom Taxes e -9940 Depreciation Expense 15140 Increase in Accounts Receivable -13960 Increase in Inventory -6220 Increase in Accounts Payable 11470 -3510 39170 Cash Flows fromOperating Activities Cash Flows fromInvesting Activities Sale of Equipm ent 7690 Cash Flows fromFinancing Activities For Operating Expenses -29220 Redem ption of Bonds -6700 Issuance of Com on Stock m 4820 Net Cash Provided by Financing Activities Net Decrease in Cash -31100 15760 19070 Cash at Beginning of Period $ 34830 Cash at End of Period LINK TO TEXT Compute free cash flow. $ Free cash flow 46860 Exercise 17-11 Suppose a recent income statement for McDonald's Corporation shows cost of goods sold $8,249.6 million and operating expenses (including depreciation expense of $2,042 million) $18,141.6 million. The comparative balance sheet for the year shows that inventory increased $30.8 million, prepaid expenses increased $95.7 million, accounts payable (merchandise suppliers) increased $232.7 million, and accrued expenses payable increased $273.5 million. Using the direct method compute cash payments to suppliers. (Round answer to 1 decimal place, e.g. 1,589.5.) $ Cash payments to suppliers 8227.7 million LINK TO TEXT Blocker Transport Statement of Cash FlowsDirect Method For the Year 2014 Using the direct method compute cash payments for operating expenses. (Round answer to 1 decimal place, e.g. 1,589.5.) Cash Flows fromfor operating expenses Cash payments Operating Activities $ million 15921.8 Cash receipts from $ Custom ers 182850 Custom ers 48340 231190 Less cash payments: Payment of interest $10,380 Collection of accounts receivable Exercise 17-12 $ The 2014 accounting records of Blocker Transport reveal these transactions and events. $182,850 To Suppliers for Merchandise 48,340 Cash sales Receipt of dividend revenue 17,430 Payment of salaries 115780 and wages Depreciation expense 52,410 15,020 Payment of income Wages For Salaries and taxes Net income Proceeds from sale of vehicles 52410 Purchase of equipment for cash 12,880 22,980 Loss on disposal of vehicles 27070 Payment of dividends 3,400 14,710 Payment of operating expenses 27,070 Payment of accounts payable For Operating Expenses for merchandise Payment for land For Interest 12,280 38,560 115,780 74,380 For Incom Taxes e 10380 Prepare the cash flows from operating activities section using the direct method. 12280 217920 Cash Flows fromOperating Activities 13270$ Problem 17-8A Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31 2014 Assets Cash Accounts receivable 2013 $34,090 32,900 26,740 59,900 Inventory Equipment Accumulated depreciationequipment Total $19,430 19,150 20,400 77,260 (29,380 ) (23,940 ) $124,250 $112,300 $28,360 7,250 $ 16,160 8,230 27,250 17,520 33,030 13,320 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 43,870 41,560 $124,250 Total $112,300 NOSKER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue Cost of goods sold $242,130 175,150 Gross profit Operating expenses 66,980 23,550 Income from operations Interest expense 43,430 2,620 Income before income taxes Income tax expense 40,810 8,910 Net income $31,900 Additional data: 1. Dividends declared and paid were $29,590. 2. During the year equipment was sold for $7,740 cash. This equipment cost $17,360 originally and had a book value of $7,740 at the time of sale. 3. All depreciation expense, $15,060, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Prepare a statement of cash flows for Nosker Company using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Nosker Company Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows fromOperating Activities Cash Receipts fromCustom ers Less cash payments: $ 228380 $ To Suppliers 169290 For Operating Expenses 8490 For Interest 2620 For Incom Taxes e 9890 190290 38090 Cash Flows fromOperating Activities Cash Flows fromInvesting Activities Sale of Equipm ent 7740 Cash Flows fromFinancing Activities Paym of Dividends ent -29590 Redem ption of Bonds -5780 Issuance of Com on Stock m 4200 Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period -31170 14660 19430 34090$