FA1 TM CH 3 Chi

3
Frank
Wood 2 13
27
Q1
Q2
(a)
(b)
Q3
Q4
(a)
3 31
2010
2011
2012
2013
(b)
= 45%
3 31
2010
2011
2012
2013
28
$1,520
$1,520
$1,520
$1,520
$3,600
$1,980
$1,089
$599
Q5

Q6

3 31
2010
2011
2012
2013
2014
$12,000
$12,000
$8,000
$4,800
$3,200
(a) $103,000 $4,000 $3,000
(b) 2013 12 31 = [$103,000 (1 40%)3] 40% = $8,899
Q7
2009
12 31
$ 2009
8,000 12 31
$
8,000
2010
12 31
2010
4,000 12 31
4,000
2011
2,000 12 31
2,000
$
8,000
2011
12 31
2009
12 31
2010
12 31
$ 2009
8,000 12 31
12,000
2010
1 1
12 31
8,000
4,000
12,000
2011
1 1
12 31
12,000
2,000
14,000
12,000
2011
12 31
14,000
14,000
12 31
2009
$
8,000
2010
$
4,000
2011
$
2,000
2010
$
16,000
(12,000)
4,000
2011
$
16,000
(14,000)
2,000
12 31
Q8
2009
$
16,000
(8,000)
8,000
29
A1

A2

2013 $1,000
A3
(a)
(b)
(c)
A4
A5
A6
3.8 2010 12 31 $500 $500
(C) (D)
b, c, e, g
a, d, f, h
30
3X
c, e, g, j
a, b, d, f, h, i
(a) $1,500(b) $500(c) $23,000(d) $400(e) $500
(a) $6,500(b) $1,500(c) $2,000(d) $3,600(e) $300
(a)
(b)
$
12,500
(1,845)
10,655
(1,845)
8,810
(1,845)
6,965
(1,845)
5,120
($12,500 20%)
($10,000 20%)
($8,000 20%)
($6,400 20%)
$
12,500
(2,500)
10,000
(2,000)
8,000
(1,600)
6,400
(1,280)
5,120
* $12,500 $5,120
= $1,845
4
6X
(a)
($64,000 50%)
($32,000 50%)
($16,000 50%)
($8,000 50%)
($4,000 50%)
(b)
$
64,000
(32,000)
32,000
(16,000)
16,000
(8,000)
8,000
(4,000)
4,000
(2,000)
2,000
$
64,000
(12,400)
51,600
(12,400)
39,200
(12,400)
26,800
(12,400)
14,400
(12,400)
2,000
* $64,000 $2,000
= $12,400
5
(a)
(b)
$
40,000
(7,000)
33,000
(7,000)
26,000
(7,000)
19,000
(7,000)
12,000
(7,000)
5,000
($40,000 40%)
($24,000 40%)
($14,400 40%)
($8,640 40%)
($5,184 40%)
$
40,000
(16,000)
24,000
(9,600)
14,400
(5,760)
8,640
(3,456)
5,184
(2,074)
3,110
* $40,000 $5,000
= $7,000
5
31
(c)
$
40,000
(8,750)
31,250
(8,750)
22,500
(7,000)
15,500
(7,000)
8,500
(3,500)
5,000
50,000
( 50,000 + 50,000
+ 40,000 + 20,000 $35,000)
50,000
$35,000)
( 200,000
40,000
$35,000)
( 200,000
40,000
$35,000)
( 200,000
20,000
$35,000)
( 200,000
8X
(a) (i)
2007
11 1
2008
11 1
2009
11 1
$ 2008
18,000 10 31
$
18,000
2009
18,000 10 31
18,000
2010
18,000 10 31
18,000
2008
10 31
2009
10 31
2010
10 31
$ 2008
1,800 10 31
2008
3,600 11 1
2009
10 31
3,600
2009
5,400 11 1
2010
10 31
5,400
2010
11 1
($18,000 10%)
$
1,800
1,800
1,800
3,600
3,600
1,800
5,400
5,400
$
18,000
(a) (ii)
32
2007
11 1
$ 2008
18,000 10 31
2008
11 1
2009
18,000 10 31
18,000
2009
11 1
2010
18,000 10 31
18,000

2008
10 31
2009
10 31
2010
10 31
$ 2008
1,800 10 31
2008
3,420 11 1
2009
10 31
3,420
2009
4,878 11 1
2010
10 31
4,878
2010
11 1
($18,000 10%)
$
1,800
1,800
[($18,000 $1,800) 10%] 1,620

3,420
3,420
[($18,000 $3,420) 10%] 1,458

4,878
4,878
(b) (i)
10 31
2008
2009
2010
$
1,800
1,800
1,800
10 31
2008
$
18,000
(1,800)
16,200
2009
$
18,000
(3,600)
14,400
2010
$
18,000
(5,400)
12,600
2008
$
18,000
(1,800)
16,200
2009
$
18,000
(3,420)
14,580
2010
$
18,000
(4,878)
13,122
(ii)
10 31
2008
$
1,800
2009
1,620
2010
1,458
10 31
33
(a)
2006
1 1
$ 2006
12,500 12 31
$
12,500
2007
1 1
2007
12,500 12 31
12,500
2008
12,500 12 31
12,500
2008
1 1
(b)
2006
12 31
$ 2006
2,500 12 31
2007
12 31
4,500
2007
1 1
12 31
4,500
2008
12 31
6,100
2008
1 1
12 31
6,100
($12,500 20%)
$
2,500
2,500
[($12,500 $2,500) 20%] 2,000
4,500
4,500
[($12,500 $4,500) 20%] 1,600
6,100
12 31
(c)
2006
$
2,500
2007
2,000
2008
1,600
12 31
(d)
2006
$
12,500
(2,500)
10,000
2007
$
12,500
(4,500)
8,000
2008
$
12,500
(6,100)
6,400
10X = $54,0006 $3,000 = $8,500
(a)
2007
1 1
$ 2007
162,000 12 31
$
162,000
2008
1 1
2008
162,000 12 31
162,000
54,000
108,000
162,000
2009
1 1
34
2009
162,000
1 1
12 31
162,000
(b)
2007
12 31
$ 2007
25,500 12 31
2008
12 31
51,000
2008
1 1
12 31
($8,500 3)
25,500
25,500
51,000
($8,500 2)
51,000
17,000
68,000
51,000
2009
1 1
12 31
($8,500 2)
2009
17,000
1 1
51,000 12 31
68,000
(c)
2009
1 1
$ 2009
54,000
1 1
1 1
12 31
54,000
$
17,000
24,600
12,400
54,000
12 31
(d)
2007
$
25,500
2008
25,500
2009
12,400
17,000
12 31
(e)
2007
$
162,000
(25,500)
136,500
11
$
25,500
2007
4 1
2008
4 1
2009
$
108,000
(51,000)
57,000
(a)
2006
4 1
4 1
2008
$
162,000
(51,000)
111,000
$ 2007
9,500
3 31
500
10,000
$
10,000
10,000
10,000
2008
3 31
10,000
2009
10,000
3 31
10,000
35
(b)
2007
3 31
$ 2007
2,000
3 31
2008
3 31
4,000
2007
4 1
2008
3 31
$
2,000
2,000
2,000
4,000
4,000
4,000
2009
3 31
4,000
2008
4 1
= $10,000 20% = $2,000
(c)
2009
3 31
$ 2009
10,000
3 31
3 31
3 31
10,000
3 31
(d)
2007
$
2,000
2008
2,000
2009
1,750
(e)
3 31
2007
$
10,000
(2,000)
8,000
12
2008
$
10,000
(4,000)
6,000
2009
$
2008 12 31
36
$
4,000
4,250
1,750
10,000
$
(i)
(iii)
(ii)
3,110
5,000
$
28,910
8,110
37,020
(290)
36,730
13X
2009 6 30
$
(iii)
14X (a)
(i)
(ii)
$
(iv)
(ii)
(v)
(i)
(iv)
15,500
7,900
(ii)
(iii)
(v)
770
20,000
2,380
(3,150)
321,040
$
210,160
23,400
233,560
(23,150)
210,410
(d)
770
2,380
$
316,290
7,900
324,190
(c)
(1,290)
79,770
(b)
750
540
$
77,270
3,790
81,060
(i)
(iv)
15,500
7,900
(ii)
(iii)
(v)
770
20,000
2,380
$
380,000
23,400
403,400
(23,150)
380,250
$
77,600
37
15
(a)
(b) $48,000 $16,000 $16,000 = $16,000
25%
$20,250 $5,063 $3,797 = $11,390
(c) $80,000 $20,000 $15,000 $11,250 $8,438 = $25,312
16X (a) 33 13 %

(b) (A) 12,000

(G) 1,900
(X) 13,500
(B) 1,900
(H) 2,500
(Y) 2,000
(C) 10,100
(T) 30,375
(Z) 4,000
(D) 8,200
(U) 10,125
(E) 1,900
(V) 20,250
(F) 4,400
(W) 6,750
17X (a)
= $88,000 $6,000
= $16,400
(b)
33 1 %
38
$
88,000
(16,400)
71,600
(16,400)
55,200
(16,400)
38,800
(16,400)
22,400
(16,400)
6,000
50%
$
72,000
(36,000)
36,000
(18,000)
18,000
(9,000)
9,000
(4,500)
4,500
33
1
3
%
$
72,000
(24,000)
48,000
(16,000)
32,000
(10,667)
21,333
(7,111)
14,222
20%
$
72,000
(14,400)
57,600
(11,520)
46,080
(9,216)
36,864
(7,373)
29,491
18
(a)
(b) (i)
2007
1 1
($48,000 3)
$ 2007
144,000 12 31
$
144,000
2008
1 1
2008
144,000 12 31
144,000
2009
1 1
144,000
2009
1 1
12 31
48,000
96,000
144,000
144,000
(a) (ii)
2007
12 31
$ 2007
27,000 12 31
2008
12 31
54,000
2008
1 1
12 31
( 1)
27,000
27,000
54,000
54,000
18,000
72,000
54,000
2009
1 1
12 31
2009
18,000
1 1
54,000 12 31
72,000
( 2)
$
27,000
$48,000 $3,000 = $45,000 = $9,000

5
$9,000 3 = $27,000
2
$9,000 2 = $18,000
(a) (iii)
2009
1 1
19X (a)
$ 2009
48,000
1 1
1 1
12 31
48,000
$
18,000
25,000
5,000
48,000
2007
1 1
2008
1 1
10 1
$ 2007
6,400 12 31
2008
6,400 12 31
7,200
13,600
$
6,400
13,600
13,600
39
(b)
2007
1 1
7 1
2008
1 1
12 1
$ 2007
1,000 12 31
2,000
3,000
2008
3,000 12 31
500
3,500
$
3,000
3,000
3,500
3,500
(c)
2007
12 31
2008
12 31
$ 2007
800 12 31
2,400
2008
1 1
12 31
2,400
($6,400 12
1
2
$
800
%)
{[($6,400 $800) + $7,200]

12 12 %}
800
1,600
2,400
2007
12 31
$ 2007
300 12 31
2008
12 31
620
2008
1 1
12 31
$
300
($3,000 10%)
{[($3,000 300) + $500]

10%}
620
(d)
40
300
320
620
12 31
$
2007
6,400
(800)
5,600
3,000
(300)
2,700
2008
13,600
(2,400)
11,200
3,500
(620)
2,880
20
(a)
2007
1 1
7 1
2008
1 1
4 1
2009
1 1
1 1
1
2
$ 2007
24,000 12 31
27,000
51,000
2008
51,000 12 31
30,000
81,000
2009
81,000
1 1
28,000 12 31
109,000
$
51,000
51,000
81,000
81,000
24,000
85,000
109,000
(b)
2007
12 31
2008
12 31
$ 2007
7,500 12 31
2008
1 1
12 31
7,500
14,700
22,200
22,200
17,000
39,200
22,200
$
7,500
22,200
2009
1 1
12 31
1
3
2009
9,600
1 1
29,600 12 31
39,200
2007 1 $24,000 20% = $4,8002 $27,000 20%

= $7,500
6
12
= $2,700
2008 1 $4,8002 $5,4003 $30,000 20%

= $14,700
9
12
= $4,500
2009 1 2007 $4,800 +2008 $4,800 = $9,600

2 $5,400 +3 $6,000 +4 $5,600$28,000
20% = $17,000
(c)
2009
1 1
$
9,600
12,950
1,450
(d)
24,000
12 31
1,450
1,450
2007 12 31
$
$
51,000
(7,500)
43,500
2009 12 31
$
$
85,000
(29,600)
55,400
41
21X
25%
$
40,000
($160,000 25%)
2006
2007
2008
20%
$
15,000
($75,000 20%)
$
40,000
($160,000 4)
$
12,500
($75,000 6)
30,000
[($160,000
$40,000) 25%]
40,000
21,000
{[($75,000 $15,000)
+ $45,000] 20%}
20,000
[$12,500
+ ($45,000 6)]
52,500
{[($160,000 $40,000
$30,000) + $120,000] 25%}
70,000
[$40,000
+ ($120,000 4)]
16,800
[($75,000 + $45,000
$15,000 $21,000) 20%]
20,000
$40,000 + $15,000 = $55,000

$30,000 + $21,000 = $51,000
$52,500 + $16,800 = $69,300
2006
2007
2008
$40,000 + $12,500 = $52,500

$40,000 + $20,000 = $60,000
$70,000 + $20,000 = $90,000
$2,500
+$9,000
+$20,700
2006
$
114,500
2,500
117,000
22X (a)
$
32,500
35,000
48,000
42,500
40,000
198,000
1
2
3
4
5
2004
$
6,500
6,500
2005
$
6,500
7,000
13,500
(b)
$
32,500
28,000
28,800
17,000
106,300
2008 12 31
7,000
19,200
25,500
40,000
91,700
2009
1 1 ($9,600 3)
12 31
(b) (i)
(ii)
$
28,800
16,250
2,950
48,000
2,950
2,950
23X (a)

42
2008
$
6,500
7,000
9,600
8,500
31,600
2008
$
127,140
(20,700)
106,440
2006
2007
$
$
6,500
6,500
7,000
7,000
9,600
9,600
8,500
23,100
31,600
2007
$
138,490
(9,000)
129,490
(iii)
(c) (i)
2008
1 1
9 30
9 30
$ 2008
68,000 12 31
48,000
6,000
122,000
3
3
2009
1 1
7 14
7 14
4
5
2009
122,000
7 16
30,000
28,000 12 31
180,000
2010
1 1
11 5
11 5
6
2
2010
126,000 11 5
31,350 12 31
18,650
176,000
122,000
3
($48,000 + $6,000)
54,000
126,000
180,000
36,000
140,000
176,000
(a) (ii)
$
122,000
2008
12 31
$ 2008
43,250
1 1
12 31
43,250
2009
7 16
12 31
2009
13,500
1 1
53,813 12 31
67,313
43,250
24,063
67,313
2010
11 5
12 31
2010
20,813
1 1
59,750 12 31
80,563
53,813
26,750
80,563
$
17,000
26,250
43,250
2007
25%
2008
25%
2009
25%
2010
25%
1
$
32,000
(8,000)
24,000
2
$
36,000
(9,000)
27,000
(6,000)
18,000
54,000
(6,750)
20,250
(4,500)
13,500
(5,063)
15,187
(3,375)
10,125
3
$
(13,500)
40,500
4
$
5
$
6
$
17,000
26,250
24,063
30,000
(7,500)
22,500
28,000
(7,000)
21,000
(5,625)
16,875
(5,250)
15,750
50,000
(12,500)
37,500
$94,063 2 $20,813 3 $13,500 = $59,750
26,750
94,063
43
(a) (iii)
2009
7 16
2010
11 5
12 31
(e) (iv)
$ 2009
54,000
7 16
7 16
12 31
54,000
2010
36,000 11 5
3,463 11 5
39,463
20,813
18,650
39,463
12 31
2008
$
122,000
(43,250)
78,750
24X
$
13,500
35,680
4,820
54,000
2009
$
126,000
(53,813)
72,187
2010
$
140,000
(59,750)
80,250
2009 3 31

2008 4 1

2009 3 31
($12,000 $1,000)
($29,750 + $2,750)
{[($46,130 $1,130) 5%] $1,500}

6
[($7,500 10%) + ($2,500 10% 12
)]
($20,000 20%)
44
40,000
122,500
162,500
(42,500)
0)
3,000
4,380
1,620
11,000
3,250
32,500
4,750
1,130
750
875
4,000
$
182,500
120,000
62,500
7,380
69,880
(59,875)
10,005
2009 3 31
$
9,125
16,000
25,125
42,500
45,000
(2,250)
42,750
1,000
4,380
2,500
93,130
30,000
2,750
26,750
(59,500)
33,630
58,755
2008 4 1

25
67,500
10,005
77,505
(18,750)
58,755
2009 6 30
(a)

2008 7 1

2009 6 30
($16,000 $4,000)
($13,800 + $1,875)
[($21,250 $8,500) 40%]

($15,000 25%)
($10,000 25%)
($65,500 3%)
$
538,250
(7,000)
531,250
17,500
339,000
(4,750)
334,250
351,750
4,550
356,300
(23,000)
1,750
127,500
12,000
12,000
7,500
9,200
15,675
12,950
5,100
3,750
2,500
1,965
(333,300)
197,950
(211,890)
(13,940)
45
2009 6 30
(b)
15,000
10,000
21,250
46,250
46,100
1,875
2006
4 1
2007
1 1
8 1
112,500
13,940
31,425
$ 2006
864,000 12 31
2007
864,000 12 31
345,600
1,209,600
2008
1,209,600 12 1
12 31
1,209,600
2006
12 31
$ 2006
129,600 12 31
2007
12 31
331,200
2007
1 1
12 31
331,200
46
(45,365)
67,135
$
864,000
1,209,600
1,209,600
129,600
1,080,000
1,209,600
(a) (ii)
12 31
(47,975)
(a) (i)
2008
12 1
63,535
4,000
10,175
500
101,210
53,235
67,135
2008 7 1

2008
1 1
3,750
2,500
7,650
13,900
23,000
65,500
(1,965)
26
11,250
7,500
13,600
32,350
5
($129,600 20% 12
)
2008
1 1
10,800 12 31
536,400
547,200
9
($864,000 20% 12
)
[($864,000 20%)
5
+ ($345,600 20% 12
)]
[($864,000 + $345,600
$129,600)20%]
$
129,600
129,600
201,600
331,200
331,200
216,000
547,200
(a) (iii)
2008
12 1
$ 2008
129,600 12 1
12 1
12 31
129,600
$
10,800
100,800
18,000
129,600
(b)
27X (a) (i)

2006
10 1
2007
9 15
2007
10 1
2008
1 30
2008
10 1
10 5
W
X
2008
9 30
2008
10 11
2009
9 30
W
($28,000 25% 2)
33,600
61,600
2008
61,600
9 30
61,600
100,800
39,200
100,800
2008
100,800 10 5
44,800 2009
9 30
145,600
100,800
W
28,000
117,600
145,600
$ 2007
11,200
9 30
2007
36,400 10 1
2008
9 30
36,400
2008
10 1
14,000 2009
9 30
51,800
65,800
[($28,000 25%)
+ ($33,600 25%
$
11,200
1
2
)]
11,200
($100,800 25%)
25,200
36,400
36,400
($117,600 25%)
29,400
65,800
(a) (iii)
2008
10 5
2009
9 30
$
61,600
(a) (ii)
2007
9 30
$ 2007
28,000
9 30
$ 2008
28,000 10 5
10 5
4,900
32,900
$
14,000
18,900
32,900
47
(a) (iv)
2007
9 30
2008
9 1
2009
9 30
$ 2007
3,500
9 30
2007
11,375 10 1
2008
9 30
11,375
2008
24,290 10 1
2009
9 30
24,290
$
3,500
3,500
7,875
11,375
11,375
12,915
24,290
$14,000 25% = $3,500
{[($14,000 $3,500) 25%] + ($21,000 25%)} = $7,875
{[($14,000 $3,500 $2,625) 25%] + [($21,000 $5,250) 25%] + ($28,035 25%)}

= $12,915
(b) (i)
(ii)
28X (a) (i)

2008
4 1
2009
3 31
$ 2009
52,000
3 31
$ 2008
27,560
4 1
2009
3 31
27,560
$
52,000
$
15,600
= $50,000 + $2,000 = $52,000
3 31
2007
2008
2009
(a) (ii)
150,000
$52,000 2,500,000
600,000
$52,000 2,500,000
575,000
$52,000 2,500,000
$
3,120
12,480
11,960
27,560
2009 4 1 2009 9 30
250,000
$52,000 2,500,000
48
5,200
32,760
11,960
27,560
(b)
2009
9 30
(c)
$
52,000
$
52,000
9 30 2
32,760
9 30
64,000
32,760
12,000
52,000
$
52,000
(32,760)
19,240
(12,000)
7,240
(d)
30
(a)
2003
7 1
2004
3 1
2004
7 1
2005
5 1
1
2
600,000
1,000,000
2005
1,000,000
6 1
6 30
540,000
1,540,000
$ 2004
240,000
6 30
240,000
2005
6 1
6 30
$
1,000,000
1,000,000
1
400,000
1,140,000
1,540,000
(b)
2004
6 30
$ 2004
400,000
6 30
1
{$160,000 + [$400,000
$160,000) 40% 11
]}
12
2004
248,000
7 1
2005
6 30
324,000
572,000
[($400,000 40%)
4
+ ($600,000 40% 12
)]
$
240,000
240,000
240,000
{[($400,000 $160,000)
40% 11
] + [($600,000
12
$80,000) 40%]
2
+ ($540,000 40% 12
)}
332,000
572,000
49
(c)
2005
6 1
31X (a) (i)

2005
1 1
5 5
5 5
2006
1 1
$ 2005
860,000
5 5
130,000 12 31
23,000
1,013,000
2006
862,500
9 20
12 31
862,500
($150,500 $68,000)
($170,000 $86,000)
$ 2005
82,500
1 1
323,750 12 31
[($860,000 + $153,000
$150,500) 10%]
2006
84,000
1 1
309,000 12 31
[($862,500 $170,000)
10%]
$
320,000
86,250
406,250
323,750
69,250
393,000
(a) (iii)
50
170,000
692,500
862,500
393,000
$
150,500
862,500
1,013,000
406,250
2006
9 20
12 31
$
248,000
100,000
52,000
400,000
(a) (ii)
2005
5 5
12 31
$ 2005
400,000
6 1
6 1
6 30
400,000
2005
5 5
2006
9 20
12 31
$ 2005
150,500
5 5
5 5
12 31
150,500
170,000
12,000
182,000
2006
9 20
9 20
$
82,500
23,000
45,000
150,500
84,000
98,000
182,000
(b)

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3

(a) $103,000 $4,000 $3,000

(b) 2013 12 31 = [$103,000 (1 40%)3] 40% = $8,899

3.8 2010 12 31 $500 $500

(a) $1,500(b) $500(c) $23,000(d) $400(e) $500

(a) $6,500(b) $1,500(c) $2,000(d) $3,600(e) $300

[($18,000 $1,800) 10%] 1,620

[($18,000 $3,420) 10%] 1,458

10X = $54,0006 $3,000 = $8,500

= $10,000 20% = $2,000

(b) $48,000 $16,000 $16,000 = $16,000

$20,250 $5,063 $3,797 = $11,390

(c) $80,000 $20,000 $15,000 $11,250 $8,438 = $25,312

(b) (A) 12,000

$48,000 $3,000 = $45,000 = $9,000

{[($6,400 $800) + $7,200]

{[($3,000 300) + $500]

2007 1 $24,000 20% = $4,8002 $27,000 20%

2008 1 $4,8002 $5,4003 $30,000 20%

2009 1 2007 $4,800 +2008 $4,800 = $9,600

$40,000 + $15,000 = $55,000

$40,000 + $12,500 = $52,500

$94,063 2 $20,813 3 $13,500 = $59,750

{[($46,130 $1,130) 5%] $1,500}

[($21,250 $8,500) 40%]

27X (a) (i)

$14,000 25% = $3,500

{[($14,000 $3,500) 25%] + ($21,000 25%)} = $7,875

{[($14,000 $3,500 $2,625) 25%] + [($21,000 $5,250) 25%] + ($28,035 25%)}

28X (a) (i)

= $50,000 + $2,000 = $52,000

31X (a) (i)

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