34.On February 15, Jewel Company buys 7,100 shares of Marcelo Corp. common stock at $28.54 per share plus a brokerage fee of $405. The stock is classified as available-for-sale securities. This is the companys first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.16 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.31 per share less a brokerage fee of $255. The fair value of the remaining shares is $29.51 per share. The impact on Jewels net income as a result of its investment in Marcelo Corp. was a(n) (Round your intermediate dollar values to the nearest dollar amount):

Multiple Choice

• Increase to income of $10,512.

• Increase to income of $3,241.

• Decrease to income of $2,276.

• Decrease to income of $8,236.

• Increase to income of $5,580.

42. Wichita Industries' sales are 20% for cash and 80% on credit. Credit sales are collected as follows: 40% in the month of sale, 50% in the next month, and 10% in the following month. On December 31, the accounts receivable balance includes $15,000 from November sales and $45,000 from December sales. Assume that total sales for January and February are budgeted to be $53,000 and $106,000, respectively. What are the expected cash receipts for February from current and past sales?

Multiple Choice

• $42,400.

• $43,700.

• $51,400.

• $83,820.

• $28,700.

64. Based on a predicted level of production and sales of 26,000 units, a company anticipates total variable costs of $80,600, fixed costs of $39,000, and operating income of $104,780. Based on this information, the budgeted amount of operating income for 24,000 units would be:

Multiple Choice

• $207,120.

• $132,720.

• $93,720.

• $13,120.

• $74,400.