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Ethics Challenge EC 5-1 ol. Each dance requires a new dre her that she is on her a year at her high all outlay of $100 to Onancing the dresses ire developed a differ the dance, and returns Care Phelps is a popular high school student who attends approximate tour dances a pear school Each dance requires a new dress and accessories that necessitate a financial outlar $200 per event. Claire's parents inform her that she is on her own with respect to financing th After incurring a major hit to her savings for the first dance in her second year, Claire developed ent approach. She buys the dress on credit the week before the dance, wears it to the dance, an the dress the next week to the store for a full refund on her charge card Required 1. Comment on the ethics exhibited by Claire and possible consequences of her actions. 2. How does the store account for the dresses that Claire returns? Focus on Financial Statements FFS 5-1 CHECK FIGURES: Loss = $154; Total current assets = $430: Total assets - $562: Total current liabilities - $74 Colombia Textiles began operations several years ago. Its post-closing trial balance at December 31 2017, is shown below (with accounts listed in alphabetical order): Account Relance ($000) 106 38 308 Accounts payable Accounts receivable...... Accumulated depreciation office furniture Accumulated depreciation, store fidures... Brandy Colombia, capita Cast Franchise ....... Merchandise inventory......... Notes payable Notes receivable Office furniture Office Supplies Prepaid rent Store futures Uneamed revenue 62 236 225 52 106 herd Commen ts during 2017 180.000 of the s he December 31, 2011 33 000 re c e b e obected during 2018 nal information: The following closing entries were recorded on December 31, 2017, for the ye just ended