Nice Place Preschool operates a not-for-profit morning preschool that operates eight months of the year. The preschool has 180 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: (Click the icon to view salary data.) Requirements (Click the icon to view additional information.) 1.Prepare Nice Place Preschool's monthly operating budget. Round all amounts to the nearest dollar. 2.Using your answer from Requirement 1, create Nice Place Preschool's budgeted income statement for the entire eight-month school year. You may group all operating expenses together. 3.Nice Place Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? Requirement 1. Prepare Nice Place Preschool's monthly operating budget. Round all amounts to the nearest dollar. (Round amounts to the nearest dollar.) Nice Place Preschool Budgeted Monthly Operating Expenses Teachers' salary: 2-day program 3-day program 4-day program 5-day program 1,250 Director salary Total salary expense Payroll tax expense Lease expense Fixed operating expenses Variable operating expenses Total monthly operating expenses 4,040 850 Salary data Teachers of two-day program: $434 per month Teachers of three-day program: $663 per month Teachers of four-day program: $880 per month Teachers of five-day program: $1,070 per month Preschool director's salary: $1,250 per month Nice Place Preschool has 7 two-day program teachers, 3 three-day program teachers, 6 four-day program teachers, and 3 five-day program teachers. The preschool also has a director. 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 $4,040 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $850 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 $9 per child. Revenue for the entire eight-month school year from tuition, registration fees, and the lunch program is projected to be $236,800