Solved: Greatland Preschool operates a not for profit

morning preschool that

Greatland Preschool operates a not for profit morning preschool that

Greatland Preschool operates a not- for- profit morning preschool that operates nine months of
the year. The preschool has 160 kids enrolled in its various programs. The pre-school’s primary
expense is payroll. Teachers are paid a flat salary each of the nine months as follows:
Salary data
Teachers of two- day program.................................................................... $ 430 per month
Teachers of three- day program.................................................................. $ 654 per month
Teachers of four- day program.................................................................... $ 868 per month
Teachers of five- day program..................................................................... $ 1,060 per month
Preschool director’s salary.......................................................................... $ 1,350 per month

Greatland Preschool has 9 two- day program teachers, 2 three- day program teachers, 7 four-
day program teachers, and 3 five- day program teachers. The preschool also has a director.
In addition to the salary expense, Greatland 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 $ 4,040 per month. Fixed operating expenses (telephone, Internet access,
bookkeeping services, and so forth) amount to $ 940 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 $ 11 per child. Revenue for the entire nine- month school year from
tuition, registration fees, and the lunch program is projected to be $ 246,400.

Requirements
1. Prepare Greatland Preschool’s monthly operating budget. Round all amounts to the nearest
dollar.
2. Using your answer from Requirement 1, create Greatland Preschool’s budgeted income
statement for the entire nine- month school year. You may group all operating expenses
together.
3. Greatland Preschool is a not- for- profit preschool. What might the preschool do with its
projected income for the year?

Greatland Preschool operates a not for profit morning preschool that

ANSWER
https://solvedquest.com/greatland-preschool-operates-a-not-for-profit-morning-preschool-that/

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