Cleary, wasser, and nolan formed a partnership on january 1, 2017, and made capital contributions of $100,000 (cleary), $150,000 (wasser), and $200,000 (nolan), respectively. with respect to the division of income, they agreed to the following:
(1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year;
(2) annual compensation of $10,000 to wasser
(3) the remainder of the income or loss to be split among the partners in the following percentages:
(a) 20% for cleary
(b) 40% for wasser
(c) 40% for nolan. net income was $150,000 in 2017 and $180,000 in 2018. each partner withdrew $1,000 for personal use every month during 2017 and 2018.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.