a. Little pays wages of $4,500 every Friday for a 5-day work week. For this year, December 31st falls on a Thursday. b. Little Corporation had net income of $50,000 for tax purposes. The corporate tax rate is 21%, and the tax must be paid by April 15th. c. Little borrowed $100,000 with a note payable to First City Bank on October 1st. The interest rate on the note is 6% and is due next July 1 st. Problem 11-2 Big Corporation sold merchandise on account for $3,000 plus 6.5% sales tax. Prepare the journal entry to record the sale. Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st: All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. 1. Social Security withholding 2. Medicare withholding 3. FUTA 4. SUTA 5. Total withholdings 6. Net Wages 7. Total cost to the company Big Corporation sold merchandise on account for $3,000 plus 6.5% sales tax. Prepare the journal entry to record the sale. Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st: All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. 1. Social Security withholding 2. Medicare withholding 3. FUTA 4. SUTA 5. Total withholdings 6. Net Wages 7. Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes