John has the following transactions for the year: Cash received from sales of products $120,000 Cash paid for expenses (except rent and interest) $35,000 Rent paid on a leased building for 18 months beginning December 1 $40,500 Prepaid interest on a bank loan, paid on November 1, for the next 6 months $12,000 Four months' rent received on a leased building, on December 1 $10,000 Instructions: Calculate John's income under the cash basis for his business. You must show your work computations to receive full credit.

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.