5 ASSUMPTIONS 6 7 8 B C D E F G H | J K L A You have recently been hired as a new managerial accountant for Organic Life Manufacturing Inc.. The company manufactures and distributes to retailers across North America a patented nutrition drink in four tasty flavours. You have been asked by the company Controller, Emily Seguin, to complete the following planning and control requirements while she is away at an 1 industry conference next week. 2 Required: 3 Based on the sales assumptions provided by Emily in the Assumptions worksheet, as well as the remaining assumptions provided to you in Budgeting Assignment Instructions you have been asked to 4 complete the 2022 master budget which will allow further cost-volume-profit analysis upon Emily's return. Organic Life Manufacturing Inc. Balance Sheet As at December 31, 2021 9 10 Assets Liabilities & Shareholders Equity 11 12 13 Current Assets Cash Current Liabilities $ 38,000 14 Accounts Receivable 64,000 Cost per unit 15 Raw Materials Inventory 170,000 grams 5,100 $0.03 Accounts Payable Income taxes payable Bank loan payable 16 17 Finished Goods Inventory Total current assets 1,500 cases 13,350 $8.90 $ 32,100 6,200 15,000 53,300 120,450 18 19 Land, buildings and equipment Land 100,000 22222 20 Buildings and equipment $ 860,000 21 Less: Accumulated Depreciation 180,000 680,000 Shareholders' Equity Common shares Retained Earnings 225,000 622,150 Total land, buildings and equipment 780,000 Total shareholders' equity 847,150 23 Total assets $ 900,450 Total liabilities and shareholders' equity $ 900,450 24