Greatland 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

eight months as follows:

(Data and information at the end)

Requirements

1.

Prepare Greatland Preschool's monthly operating budget. Round all amounts to the nearest dollar.

2.

Using your answer from Requirement 1, create

Greatland Preschool's budgeted income statement for the entire eight-month school year. You may group all operating expenses together.

3.

Greatland Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year?

Requirement 1. Prepare Greatland Preschool's monthly operating budget. Round all amounts to the nearest dollar. (Round amounts to the nearest dollar.)

Greatland Preschool

Budgeted Monthly Operating Expenses

Teachers' salary:

2-day program [ ]

3-day program [ ]

4-day program [ ]

5-day program [ ]

Director salary [ ]

Total salary expense [ ]

Payroll tax expense [ ]

Lease expense [ ]

Fixed operating expenses [ ]

Variable operating expenses [ ]

Total monthly operating expenses [ ]

(SALARY DATA) -

Teachers of two-day program: $424 per month

Teachers of three-day program: $640 per month

Teachers of four-day program: $880 per month

Teachers of five-day program: $1,080 per month

Preschool director's salary: $1,400 per month

Greatland Preschool has 9 two-day program teachers, 4 three-day program teachers, 7 four-day program teachers, and 3 five-day program teachers. The preschool also has a director.

(ADDITIONAL INFORMATION)

8n 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 $5,000 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $870 per month over the

eight-month school year. Variable monthly expenses (over the eight-month school year) for art supplies and other miscellaneous supplies are $12 per child. Revenue for the entire eight-month school year from tuition, registration fees, and the lunch program is projected to be $243,600.

data added

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