Pay close attention to the pop-up that comes up with options for bouncing to clip(s) (there are many options on that pop-up you really need to read through and understand), as the checked items get embedded into the bounce. If you have Track mute/solo checked and that track is muted, the bounce will be a flat line (only time I have seen this).
Sometimes SONAR does not show the wave form, and there is an option to redraw that (not sure where off the top of my head), but it is just a visual indicator (the audio will still play). It is more probable that you have embedded things you did not intend to into the audio bounce - but as always with music - trust your ears, not your eyes.
As Craig said, digital rendering does not degrade audio as analog does, which is a massive advantage to using a DAW. I have also bounced a track multiple times, and the difference is in the processing precision of plugins used in most cases, which is incredibly accurate compared to analog (because they are working with "just numbers").