Explain why the income statement can also be called a "profit-and loss (PAL} statement " What exactly does the word balance mean in the tide of the batince sheet? Why do we balance the two halves? Explain why the Income statement can also be called a "profit and loss (PAL) statement " (Seled from the cop-down menus In reviewing the income statement of a profitable company one can see that it begins with at the lop and ends with at the botfern, Had there been a lost for the year, the final result would have been a What seacty does the word balance mean in the use of me balance sheet? Why do we balance the tire halves? (fielof aj the answers that apply A. in order for the balance sheet to balance, stockholders equity must exchide preferred stock. common clock at par valid pald in capital in excess of par on common stock and retained earnings from previous profitable years in which some of the earnings were held back and not paid out in dividends H. When the balance sheet does not balance, the difference grant be reported and an of-balance theer account for the two halves to balance C. The balance sheet balances the firm's angela against its francinig, which can be ether debt of equity D. The soul value of all of the tom's assets should count the sum of its short-and long torn debt plus glockholder's court