Play Place Preschool operates a not-for-profit morning preschool that operates eight months of the year. Play Place has 152 kids enrolled in its various programs. Play Place's primary expense is payroll. Teachers are hired so that there are no more than eight kids per teacher. Teachers are paid a flat salary each of the eight months as follows: (Click the icon to view the salary data.) (Click the icon to view additional information.) Requirements 1. Prepare Play Place Preschool's monthly operating budget. Round all amounts to the nearest dollar. 2. Using your answer from Requirement 1, create Play Place Preschool's budgeted income statement for the entire eight-month school year. Assume that the operating revenue is $231,240. You may group all operating expenses together. 3. Play Place is a not-for-profit preschool. What might Play Place do with its projected income for the year? Questi = S Salary data ar. Play Place has so that there are nc formation.) Play Place Preschod 152 kids enrolled in more than eight kids (Click the icon Requirements 1. Prepare Play Play 2. Using your answe eight-month schol together. 3. Play Place is a nd Teachers of two-day program: $438 per month Teachers of three-day program: $651 per month Teachers of four-day program: $876 per month Teachers of five-day program: $1,060 per month Preschool director's salary: $1,600 per month Play Place has seven two-day program teachers, four three-day program teachers, six four-day program teachers, and two five-day program teachers. Play Place also has one director. r. ht for the entire ating expenses year? Rel doll More info Tel TL In addition to the salary expense, Play Place must pay payroll taxes in the amount of 7.65% of salary expense. Play Place leases its facilities from a local church, paying $4,070 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 expenses for art supplies and other miscellaneous supplies are $7 per child per year. Revenue for the entire eight-month school year from tuition and registration fees is projected to be $231,240. A FI Did To Print Done Pal Led Requirement 1. Prepare Play Place Preschool's monthly operating budget. (Round your answers to the nearest whole dollar.) Play Place Preschool Budgeted Monthly Operating Expenses Teachers' salary: Two-day program $ 3,066 Three-day program 2,604 Four-day program 5,256 Five-day program 2,120 1,600 Director salary $ Total salary expense Payroll tax expense 14,646 1,120 Lease expense 4,070 Fixed operating expenses 870 Variable operating expenses 1,064 $ 21,770 Total monthly operating expenses Requirement 2. Using your answer from Requirement 1, create Play Place Preschool's budgeted income statement for the entire eight-month school year. Assume that the operating revenue is $231,240. You may group all operating expenses together. Play Place Preschool Budgeted Income Statement For the Year Ended XXXX Revenue from tuition and registration fees $ 231,240 (174,160) Operating expenses 57,080 Operating income Requirement 3. Play Place is a not-for-profit preschool. What might Play Place do with its projected income for the year? From the budgeted income statement, Play Place learns that it has projected operating income for the year. Since Play Place is a not-for-profit preschool, it is not in business to generate income for its owners. Play Place may be able to further its organizational goals with the projected income. It may decide to use the income for any of the following purposes. (Select all that apply.) A. Invest in additional (or better) classroom equipment B. Invest in additional (or better) executive automobiles C. Improve the current program D. Invest in additional (or better) playground equipment E. Increase tuition rates F. Offer scholarships to families who have difficulty paying tuition G. Make cuts to the current program H. Reduce tuition rates I. Reduce teachers' salaries