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3. Play Place 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 months as follows: (Click the icon to view salary data.) 2 (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. You may group all operaling expenses together. 3.Play Place Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? Requirement 1. Prepare Play Place Preschool's monthly operating budget Round all amounts to the nearest dollar. (Round amounts to the nearest dollar.) Play Place 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 Play Place Preschool's budgeted Income statement for the entire elght-month school year. You may group all operating expenses together. Play Place Preschool Budgeted Income Statement For the Year Ended Tuition, registration fees, and lunch bunch revenue Operating expenses Operating income Requirement 3. Play Place Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? projected operating Income for From the budgeted Income statement, Play Place Preschool learns that (1) in business to generate Income for lis the year. Since the preschool is a not-for-profit preschool (2) owners. The preschool may be able to (3) It may decide to use the income for any of the following purposes. (If an input field is not used in the table leave the input field empty: do not select a label.) (5) (6) 7 (8) (9) (10) 1. Salary data Teachers of two-day program: $430 per month $640 per month Teachers of three-day program: Teachers of four-day program: $876 per month $1.065 per month Teachers of five-day program: Preschool director's salary $1.300 per month Play Place Preschool has 7 two-day program teachers. 5 three-day program teachers. 7 four-day program teachers, and 5 five-day program teachers. The preschool also has a director 2. 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 $4.050 every month it operates. Fixed operating expenses (telephone, Internet access bookkeeping services, and so forth) amount to $910 per month over the olght-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 alght-month school year from tuition registration fees and the lunch program is projected to be $235.000. 1 It does not have ilhas It needs (2) O It Is (ID Lis not ORL should be (3) further its organizational goals with the projected Income U pay bonuses to its executives with the projected Income U pay dividends to its stockholders with the projected Income (4) Improve the current program KD Increase tuition rates Invest in additional (or better) classroom equipment Invest in additional (or better executive automobiles O Invest in additional (or better playground equipment Make cuts to the currect program Offer scholarships to families who have difficully paying tuition Reduce teacher's salaries Reduce tuition rates