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7. Wonderland Preschool operates a not-for-profit morning preschool that operates nine months of the year. The preschool has 170 kids enrolled in its various programs. The preschool's primary expense is payroll. Teachers are paid a flat salary each of the nine months as follows: 8 (Click the icon to view salary data.) (Click the icon to view additional information.) Requirements 1. Prepare Wonderland Preschool's monthly operating budget. Round all amounts to the nearest dollar. 2. Using your answer from Requirement 1, create Wonderland Preschool's budgeted income statement for the entire nine-month school year. You may group all operating expenses together. 3. Wonderland Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? Requirement 1. Prepare Wonderland Preschool's monthly operating budget. Round all amounts to the nearest dollar. (Round amounts to the nearest dollar.) Wonderland 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 Requirement 2. Using your answer from Requirement 1, create Wonderland Preschool's budgeted income statement for the entire nine-month school year. You may group all operating expenses together. Wonderland Preschool Budgeted Income Statement For the Year Ended Tuition, registration fees, and lunch bunch revenue Operating expenses Operating income Requirement 3. Wonderland Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? in business to generate income for its owners. The preschool may be able to (3) From the budgeted income statement, Wonderland Preschool learns that (1) projected operating income for the year. Since the preschool is a not-for-profit preschool, (2) It may decide to use the income for any of the following purposes. (If a box is not used in the table leave the box empty; do not select a label.) (4) (5) (6) (7) (8) (10) 8: Salary data Print Teachers of two-day program: Teachers of three-day program: Teachers of four-day program: Teachers of five-day program: Preschool director's salary: $430 per month $651 per month $858 per month $1,085 per month $1,650 per month Wonderland Preschool has 9 two-day program teachers, 3 three-day program teachers, 3 four-day program teachers, and 2 five-day program teachers. The preschool also has a director. 9: More Info 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 $4,030 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $900 per month over the nine-month school year. Variable monthly expenses (over the nine-month school year) for art supplies and other miscellaneous supplies are $10 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $244,800. (1) O it does not have O it has O it needs (2) O it is O it is not O it should be (3) O further its organizational goals with the projected income pay bonuses to it's executives with the projected income pay dividends to it's stockholders' with the projected income O Reduce teacher's salaries O Reduce tuition rates (4) O Invest in additional (or better) executive automobiles O Improve the current program O Invest in additional (or better) playground equipment O Increase tuition rates Make cuts to the currect program Invest in additional (or better) classroom equipment O Offer scholarships to families who have difficulty paying tuition (5) O Reduce teacher's salaries O Reduce tuition rates O Invest in additional (or better) executive automobiles O Improve the current program Invest in additional (or better) playground equipment O Increase tuition rates O Make cuts to the currect program Invest in additional (or better) classroom equipment O Offer scholarships to families who have difficulty paying tuition O Reduce teacher's salaries O Reduce tuition rates (6) O O Improve the current program O Increase tuition rates O Invest in additional (or better) classroom equipment O Invest in additional (or better) executive automobiles O Invest in additional or better) playground equipment O Make cuts to the currect program Offer scholarships to families who have difficulty paying tuition O Reduce teacher's salaries O Reduce tuition rates (7) O Improve the current program O Increase tuition rates O Invest in additional (or better) classroom equipment Invest in additional (or better) executive automobiles O Invest in additional or better) playground equipment O Make cuts to the currect program O Offer scholarships to families who have difficulty paying tuition O Reduce teacher's salaries O Reduce tuition rates (8) O O Invest in additional or better) executive automobiles O Improve the current program Invest in additional (or better) playground equipment O Increase tuition rates O Make cuts to the currect program Invest in additional (or better) classroom equipment Offer scholarships to families who have difficulty paying tuition O Reduce teacher's salaries O Reduce tuition rates (9) O O Invest in additional or better) executive automobiles o Improve the current program O Invest in additional or better) playground equipment O Increase tuition rates O Make cuts to the currect program Invest in additional or better) classroom equipment Offer scholarships to families who have difficulty paying tuition O Reduce teacher's salaries O Reduce tuition rates (10) O O Invest in additional (or better) executive automobiles O Improve the current program O Invest in additional (or better) playground equipment O Increase tuition rates O Make cuts to the currect program Invest in additional or better) classroom equipment Offer scholarships to families who have difficulty paying tuition