Chapter 13: Learning Activity Scenario -Sharon Edwards Complete a tax return for Sharon. Sharon Edwards (age 32, DOB: 10/28/86, SSN: 321-00-6798) is single and lives at 10002 Farmers Road, Your City, Your State - Your Zip. She owns Sharon's Florist Shop at 200 Broad Street, Your City, Your State - Your Zip. Her EIN is 84-5605632. Sharon does not wish to designate $3 of her taxes for the Presidential Campaign Fund. Sharon had health insurance coverage for the entire year. Her inventory on January 1, 2018 was $27,000. Inventory on December 31, 2018 was $47,000. Inventory was valued at cost. Sharon's total sales were $136,900 in cash and $60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows: Beg, inv. 27,000 Flowers: 120,2.50 &.000 Baloons Flowers Business license Rent Liability insurance Business meals Repairs & maintenance Helium for balloons Balloons Plants & greens Fire insurance $ 120,250 600 15,000 2,000 460 1,200 200 399 8,000 509 39,9 155,849.00 47,000.00 109.849.COGS Sharon also paid $350 in tax preparation fees last year. Included in the amount of tax preparation fees was $175 for preparing Schedule C and Schedule SE as required for a sole proprietor. Sharon paid federal estimated tax payments in the amount of $4,500 per quarter. All payments were made on time. Student Note: Be sure to complete the Long Schedule SE (Section B, page 2) instead of the Short Schedule SE (Section A, page 1) for Sharon. As stated in the chapter text, we believe it is essential that students become familiar with the longer, more complex version. Chapter 13: Learning Activity Scenario -Sharon Edwards Complete a tax return for Sharon. Sharon Edwards (age 32, DOB: 10/28/86, SSN: 321-00-6798) is single and lives at 10002 Farmers Road, Your City, Your State - Your Zip. She owns Sharon's Florist Shop at 200 Broad Street, Your City, Your State - Your Zip. Her EIN is 84-5605632. Sharon does not wish to designate $3 of her taxes for the Presidential Campaign Fund. Sharon had health insurance coverage for the entire year. Her inventory on January 1, 2018 was $27,000. Inventory on December 31, 2018 was $47,000. Inventory was valued at cost. Sharon's total sales were $136,900 in cash and $60,999 in credit cards. Her accounting method is cash. Her business expenses were as follows: Beg, inv. 27,000 Flowers: 120,2.50 &.000 Baloons Flowers Business license Rent Liability insurance Business meals Repairs & maintenance Helium for balloons Balloons Plants & greens Fire insurance $ 120,250 600 15,000 2,000 460 1,200 200 399 8,000 509 39,9 155,849.00 47,000.00 109.849.COGS Sharon also paid $350 in tax preparation fees last year. Included in the amount of tax preparation fees was $175 for preparing Schedule C and Schedule SE as required for a sole proprietor. Sharon paid federal estimated tax payments in the amount of $4,500 per quarter. All payments were made on time. Student Note: Be sure to complete the Long Schedule SE (Section B, page 2) instead of the Short Schedule SE (Section A, page 1) for Sharon. As stated in the chapter text, we believe it is essential that students become familiar with the longer, more complex version
