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expense is payroll. Teachers ace poid a flat saltary each of the nine months as follows: (Click the icon to vitw saltay data) Requirements (3) (Click the ioon lo view addocional information? 1. Prepare Start Smart Preschooks monthly operating budget. Round al amounts to the nearost dollar. 2. Using your answer from Requirement 1, create Start Smart Preschool's budgeted insome stalement for the entive nine-monh school year. You may oroup all operaling expenses bogethet. 2. Start Smart Preschool is a not-for-profi preschool. What might the proschool do with is projucted income for the year? Requirement 1. Prepare Start Smart Preschools monthly operating budget. Round all amounts to the nearest doller, (Reound amounts to me nearest dollar ) (Click the icon to view additional information.) chool's monthly operating budget. Round all amounts to the nearest dollar. Requirement 1, create Start Smart Preschool's budgeted income statement for the entire nin not-for-profit preschool. What miaht the preschool do with its projected income for the veal Salary data Start Smart Preschool has 7 two-day program teachers, 6 three-day program teachers, 5 four-day program teachers, and 3 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 $4,070 every month it operates. 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 $8 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $241,200. Smith Corporation has found that 70% of is sales in any given month are credt sales, while the remsinder are cash sales, Ot the eredit sales, Smith Corporation has oxperienced the following collection pattem: 25% received in the month of the sale 50% recelved in the month aher the sale 15% received two months after the sale 10\% of the credi sales are never received November sales for last year were \$e0,000, while December sales were $115,000. Projected sales for the next three months are as follows: Requirement Prepare a cash colections budget for the first quarter, with a column for esch month and for the quarter. (Pound your answers to the nearest whole dolar) Aveulinment a. The company pays for 55% of its direct materials purchases in the month of purchase and the remainder the following month. The company's direct material purchases for March through June are anticipated to be as follows: b. viruct sabor is paid in the month in which it is incurred. Direct labor for each month of the second quarter is budgeted as follows: c. Manufacturing overhead is estimated to be 130% of direct labor cost each month. This monthly estimate includes $37,000 of depreciation on the plant and equipment. All manufacturing overhead (excluding depreciation) is paid in the month in which it is incurred. d. Monthly operating expenses for Marnh thm.... ....... is follows: mununy operating expenses are paid in the month after they are incurred. Monthly operating expenses include $11,000 for monthly depreciation on administrative offices and equipment, and $2,700 for bad debt expense. e. The company plans to pay $4,000 (cash) for a new server in May. f. The company must make an estimated tax payment of $13,500 on June 15

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