Wonderland Preschool operates a not-for-profit morning preschool that operates eight months of the year. The preschool has 162 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.) (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 eight-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 Salary data Teachers of two-day program: $428 per month Teachers of three-day program: $648 per month Teachers of four-day program: $862 per month Teachers of five-day program: $1,075 per month Preschool directors salary. $1,650 per month Wonderland Preschool has 8 two-day program teachers, 2 three-day program teachers, 4 four-day program teachers, and 5 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 $4,060 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $900 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 $8 per child. Revenue for the entire eight-month school year from tuition, registration fees, and the lunch program is projected to be $244,800