Greatland Preschool operates anot-for-profit morning preschool that operates nine months of the year. The preschool has 165 kids enrolled in its various programs. Thepreschool's primary expense is payroll. Teachers are paid a flat salary each of the nine months asfollows:

In addition to the salaryexpense, 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 localchurch, paying $4,090 every month it operates. Fixed operating expenses(telephone, internetaccess, bookkeepingservices, and soforth) amount to $940 per month over the nine-month school year. Variable monthly expenses(over the nine-month schoolyear) for art supplies and other miscellaneous supplies are $12 per child. Revenue for the entire nine-month school year fromtuition, registrationfees, and the lunch program is projected to be $241,200.

Teachers of two-day program: $440 per month Teachers of three-day program: $646 per month Teachers of four-day program: $868 per month Teachers of five-day program: $1,050 per month Preschool director's salary: $1,600 per month Greatland Preschool has 7 two-day program teachers, 4 three-day program teachers, 5 four-day program teachers, and 6 five-day program teachers. The preschool also has a director.Requirements 1. Prepare Greatlanct Preschool's monthty operating budget. Round all amounts to the nearest dollar. 2. Using your answer from Requirement 1, create Greatland Preschoot's budgeted income statement for the entire nine-month school year. You may group all operating expenses together. 3. Greatland Preschool is a notforprot preschool. What might the preschool do with its proiected income for the year? Greatiand Preschool Budgeted Monthly Operating Expenses Teachers' salary: 2day program 3day program 4day program 5day program Director salary Total salary expense Payroll tax expense Lease expense Fixed operating expenses Variable operating expenses Total monthty operating expenses