* Create the Budgeted Income Statement (i.e., the first two columns of Table 5).

Winegar University Winegar University confronts the increasingly hostile budgetary environment presented by the most significant economic recession since the Great Depression. State assisted universities have limited means of compensating for decreasing state and federal funding. Underlying the harsh budgeting environment are complexities such as tuition pricing and price discrimination, elasticity of tuition pricing, admissions acceptance standards, and faculty to student ratio INTRODUCTION Test time is here, or so it seemed, as Percy Bradshaw prepared to enter the Board of Trustees Conference Room at Winegar. This year, May 31 has been selected as the date for the annual skewering. The event never failed to create butterflies as Percy braced himself for the litany of questions perhaps it was a test that were sure to bombard him once inside the room. The examiners were the Board Members and President of Winegar and Percy had been relentlessly playing their predicable queries over in his mind as the moment of truth approached. Will we have to raise tuition again this year? Why? By how much? Will it cost us students? What if we don't -worst and best case scenarios? What are our alternatives to raising tuition