Question 5 (4 points) The statement of retained earnings: summarizes the firms revenues and expenses over an accounting period. reports how much of the firms earnings were retained in the business rather than paid out in dividends. reports the impact of a firms operating, investing, and financing activities on cash flows over an accounting period. states the firms financial position at a specific point in time. Question 6 (4 points) Days sales outstanding: measures how much in sales a firm generates relative to its inventory measures how much in net income a firm generates relative to its total assets O measures how quickly a firm converts credit sales into cash