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Simba Marketing Limited had the following events during October 2023: a) Simba received $10,000...

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Accounting

Simba Marketing Limited had the following events during October 2023:

a) Simba received $10,000 on October 1 for work to be completed in October & November. At October 31, 2023, 75% of the work has been completed.

b) At October 31, 2023 Simba Marketing Limited owes its employees gross salaries totaling $10,000 for work they performed in the last half of October. The income taxes to be withheld from these earnings total $2,800. Employees required Canada Pension Contributions are 5.95% of their gross pay & the employer must make an equal contribution. Employment Insurance premiums are 1.63% of gross pay & employers are required to pay a premium equal to 1.4 times the amount paid by employees. Simba will pay all related amounts owing, including the employer portions of CPP & EI payable, in early December.

c) On August 1, Simba signed a 6-month 9% note to purchase equipment with a cost of $25,000. The note requires payment of principal & interest on maturity.

REQUIRED:

For each item indicate the account & the related amount that will be reported as a current liability on the Simba Marketing October 31, 2023 balance sheet.

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