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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
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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