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Question - Mike carries on a landscaping business and is registered for GST on an other than cash/accruals basis. He reports monthly for GST. Mike had invoiced a customer $11,000 in May 2019, and in June 2019 he received a cheque for $5,500 from the customer. After several attempts to collect the debt, Mike received advice that the customer was unable to pay the remaining about as they had been declared bankrupt. Mike wrote off the $5,500 debt on 30 June 2020.
Based on these facts which of the following statements are most correct?
a. Mike will have a decreasing adjustment of $5,500 in the June 2020 tax period.
b. Mike will have an increasing adjustment of $500 in the June 2020 tax period.
c. Mike will have an increasing adjustment of $5,500 in the June 2020 tax period.
d. Mike will have a decreasing adjustment of $500 in the June 2020 tax period.
e. Mike will not have an adjustment in the June 2020 tax period.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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