The Trend Workbook: Breaking the Code 107 Now the results make sense. When we compare revenues to net income as adjusted above, we can see a clear and recognizable trend (in $ mil): The symmetrical pattern of change--positive for both revenues and net earnings--is the type of reassuring trend that investors want to see. This is not a core earnings adjustment, however. As a general standard, realized investment results are allowed as part of core earnings, so we cannot simply take this as a core earnings item. However, it is a valuable conclusion because it explains the causes for earnings volatility. From this analysis, we can conclude that Microsoft's results for both revenues and net earnings show a strong and positive trend over the most recent three years. The apparent trend is further confirmed when we check the company's balance sheet. Refer again to step 4 (above) and then link to "Balance Sheets" to view the status of asset and liability accounts. We find exceptionally strong working capital with current ratios between 3 to 1 and 4 to 1, and virtually no long-term debt.