Retained earnings are increased when cash is received from customers in payment of previously recorded accounts receivable.
34. Reebok's net income of $119 million and average assets of $1,400 million results in a return on assets of 8.5%.
35. Risk is the amount of uncertainty about the return we expect to earn in the future.
36. The balance sheet shows whether or not the firm achieved its primary objective of earning a profit.
37. A balance sheet covers a period of time, such as a month or year.
38. The income statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.
39. The statement of cash flows shows the net effect of revenues and expenses for a reporting period.
40. The income statement shows the financial position of a business on a specific date.
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