1 answer

Prety Place Preschool operates a not-for-proft moming preschool that operates rine months of the year. The...

Question:

Prety Place Preschool operates a not-for-proft moming preschool that operates rine months of the year. The preschool has 180
2-day program 3-day program 4-day program 5-day program Director salary Total salary expense Payroll tax expense Lease expens
Salary data $440 per month $646 per month $862 per month $1,070 per month $1,350 per month Teachers of two-day program: Teach
X iMore Info In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in the amounto 7.65
Prety Place Preschool operates a not-for-proft moming preschool that operates rine months of the year. The preschool has 180 kids enrolled in its various programs. The preschool's primary expense is payrol. (Click the icon to view salary data) (Click the lcon to view additional infomation.) Requirements 1. Prepare Pretty Place Preschoor's monthly operating budget. Round al amounts to the nearest dolar. 2. Using your answer from Requirement 1, create Pretty Place Preschool's budgeted income statement for the entire nine-month school year. You may group all operaing expenses together 3. Pretty Place Preaschool is a not-for-proft preschool. What might the preschool do with its projected income for the year?
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 $440 per month $646 per month $862 per month $1,070 per month $1,350 per month Teachers of two-day program: Teachers of three-day program: Teachers of four-day program: Teachers of five-day program: Preschool director's salary: Pretty Place Preschool has 7 two-day program teachers, 5 three-day program teachers, 3 four-day program teachers, and 6 five-day program teachers. The preschool also has a director. Print Done
X iMore Info In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in the amounto 7.65% of salary expense. The preschool leases its facilities from a local church, paying $5,000 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $930 per month over the nine-month school year. Variable monthly expenses (over the nine-month school year) for art supplies and other miscellaneous supplies are $7 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $239,100 Print Done

Answers

1 Monthly operating budget
2-day program          3,080
3-day program          3,230
4-day program          2,586
5-day program          6,420
Director salary          1,350
Total salary expense          16,666
Payroll tax expense [16,666/(1-0.0765)]*7.65%            1,381
lease expense            5,000
Fixed operating expense                930
variable operating expense            1,260
Total monthly operating expenses          25,237
2 Budgeted Income Statement for 9 months school year
Particulars Amount
Revenue     239,100
Less:
Operating Expenses (25,237*9) (227,133)
Income       11,967
3 Although Pretty place preschool is a non profit organization, budgeted income statement helps the organization to track its progress and also helps in prioritizing the critical activities to achieve their mission
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