4. Evansville Preschool operates a not-for-profit morning preschool that operate

Question

4. Evansville 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.) (Click the icon to view additional information.) Requirements 1.Prepare Evansville Preschool's monthly operating budget. Round all amounts to the nearest dollar 2.Using your answer from Requirement 1, create Evansville Preschool's budgeted income statement for the entire eight-month school year. You may group all operating expenses together 3.Evansville Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year? Requirement 1. Prepare Evansville Preschool's monthly operating budget. Round all amounts to the nearest dollar. (Round amounts to the nearest dollar.) Evansville 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 Evansville Preschool's budgeted income statement for the entire eight-month school year. You may group all operating expenses together. Evansville Preschool Budgeted Income Statement For the Year Ended Tuition, registration fees, and lunch bunch revenue Operating expenses Operating income Requirement 3. Evansville Preschool is a not-for-profit preschool. What might the preschool do with its projected income for the year?

Explanation / Answer

1.) Evansville Preschool

Budgeted Monthly Operating expenses (Amount in $)

2.)   Evansville Preschool

Budgeted Income Statement for the year ended (Amount in $)

3.) Since the Evansville Preschool is not for profit Preschool, Thus the projected income can be used by preschool for various purposes related to increase in quality of education for the welfare of students. The school might invest in various equipments related to student education, improve facilities for the students etc.

Teacher's Salary: 2-day program ($428*9) 3,852 3-day program ($657*4) 2,628 4-day program ($856*5) 4,280 5-day program ($1,075*4) 4,300 Director's salary 1,500 Total Salary Expense (a) 16,560 Payroll tax Expense ($16,560*7.65%) (b) 1,266.84 Lease expense (c) 4,050 Fixed Operating expense (d) 890 Variable Operating Expenses ($13*190) (e) 2,470 Total monthly Operating Expenses (a+b+c+d+e) 25,236.84

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