E9-25A Operating expenses budget and an income statement (Learning Objective 2) Evansville Preschool operates a not-for-profit morning preschool that operates eight months of the year. The preschool has 190 kids enrolled in its various programs. The preschool's primary expense is payroll. Teachers are paid a flat salary each of the eight months as follows: Teachers of two-day program S 428 per month S 657 per month $ 856 per month $1,075 per month $1.500 per month Teachers of three-day program Teachers of four-day program Teachers of five-da program Preschool director's salary Evansville Preschool has 9 two-day program teachers, 4 three-day program teachers, 5 four-day program teachers, and 4 five-day program teachers. The preschool also has a director In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in the amount of 7.65% of salary expense. The preschool leases its facilities from a local church, paying S$4,050 every month it operates. Fixed operating expenses (tele- phone, Internet access, bookkeeping services, and so forth) amount to $890 per month over the nine-month school year. Variable monthly expenses (over the eight-month school year) for art supplies and other miscellaneous supplies are $13 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $241,300 Requirements 1. Prepare Evansville Preschool's monthly operating expenses budget. Round all 2. U amounts to the nearest dollar. sing your answer from Requirement 1, create Start Evansville Preschool's budgeted income statement for the entire eight-month school year. You may group all operating expenses together Start Evansville is a not-for-profit preschool. What might the preschool do with its projected income for the year? 3