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Purrfect Pets announces that its gross profit dropped 5% but net income rose. Which of...

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Question

Accounting

  1. Purrfect Pets announces that its gross profit dropped 5% but net income rose. Which of the following statements is true?

  1. Not possible given that net income is determined by gross profit.
  2. Other expenses rose by more than 5%.
  3. Other expenses dropped.
  4. Sales revenue dropped.
  5. Both b and c are true

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