Kirkland company combines its operating expenses for budget purposes in a selling and administrative expense budget. for the first 6 months of 2017, the following data are available. 1. sales: 20,000 units quarter 1; 22,000 units quarter 2. 2. variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. fixed costs per quarter: sales salaries $12,000, office salaries $8,000, depreciation $4,200, insurance $1,500, utilities $800, and repairs expense $500. 4. unit selling price: $20. prepare a selling and administrative expense budget by quarters for the first 6 months of 2017.

Which of the following statements is not correct? the stock of publicly owned companies must generally be registered with and reported to a regulatory agency such as the sec. when stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public, or an ipo," and the market for such stock is called the new issue or ipo market. "going public" establishes a firm's true intrinsic value and ensures that a liquid market will always exist for the firm's shares. if you wanted to know what rate of return stocks have provided in the past, you could examine data on the dow jones industrial index, the s& p 500 index, or the nasdaq index.