solved Your assignment is to read the articles in this week’s

Your assignment is to read the articles in this week’s folder, review the two budgets provided and respond to the questions at the end of this assignment sheet. This activity is to designed to help you with the more detailed Budget Analysis Assignment due later in the semester. For this assignment, required APA format will consist of the title page with a running head, and reference page with citations in proper format. The minimum citations would include any articles or other reference materials used to complete this activity.WHAT TO DO:1) Read the articles provided in this week’s folder and any other information found on the internet if you are unfamiliar with budgets.2) Review Budget 1 and 2, looking at current year results and next year results for both. Pay careful attention to the following: Total Income, Total Expenses and Surplus or Deficit. If expenses are greater than income, the budget is in trouble. A director’s budget goal is to either break even or have a surplus.2) After reviewing the two sample budgets carefully, respond to the questions at the end of the assignment sheet in a simple word document. No explanations are necessary for #1 – 4, unless asked for – just be sure financial information is accurate.SAMPLE BUDGETSBudget 1 – Activity 4-12.xlsudget 2 – Activity 4.xlsQUESTIONS TO BE ANSWERED:1) What is the total projected income from each budget – current year as well as next year? The total expenses? Will there be a surplus or a deficit for each budget?2) Based on this projected budget, will each school be able to pay all operating expenses for the current year and next year? Why or why not?3) What is the total amount for staff expenses for each budget? Staff costs are the largest expense item for most childcare budgets.4) The percentage of budget used for staff expenses is typically 55 to 70%. Divide the TOTAL STAFF EXPENSE by the TOTAL INCOME to determine the percentage of each budget spend on staff. What is that percentage for each budget?5) As the director of each of these schools, what actions (if any) would you take to ensure your school budget operates in the black