Homework: Assignment 3: Financial Statements & Ratio Analysis Question 19, Warm-Up 3-2 (static) HW Score: 0%, 0 of 62 points Part 1 of 2 Save O Points: 0 of 1 Explain why the income statement can also be called a "profit-and-loss (P&L) statement." What exactly does the word balance mean in the title of the balance sheet? Why do we balance the two halves? Explain why the income statement can also be called a "profit-and-loss (P&L) statement." (Select from the drop-down menus.) In reviewing the income statement of a profitable company, one can see that it begins with at the top and ends with at the bottom. Had there been a loss for the year, the final result would have been a Etext pages Ask my instructor Clear all Final check MAR 11 istv T W XE Homework: Assignment 3: Financial Statements & Ratio Analysis