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Help with riddle - How Much Money Did The Store Lose?
Posted on 12/10/23 at 10:26 pm
Posted on 12/10/23 at 10:26 pm
This riddle was given to our team as part of an icebreaker before a meeting. We weren’t able to reach a consensus on the answer and here we are a week later and there is still some discussion about it. Even amongst the Accountants in our group there is disagreement. What say the OT?
Riddle:
A man steals a $100 bill from a store’s cash register. Then he buys $70 worth of goods at the store using the $100 he stole and he gets $30 in change back. How much money did the store lose?
I’ll post what our answers were after the OT has their shot at it.
Riddle:
A man steals a $100 bill from a store’s cash register. Then he buys $70 worth of goods at the store using the $100 he stole and he gets $30 in change back. How much money did the store lose?
I’ll post what our answers were after the OT has their shot at it.
This post was edited on 12/10/23 at 10:31 pm
103
Posted on 12/10/23 at 10:27 pm to Seaux_cal_tiger
$100
70 in goods, 30 in cash
70 in goods, 30 in cash
This post was edited on 12/10/23 at 10:31 pm
Posted on 12/10/23 at 10:28 pm to Seaux_cal_tiger
$200
Posted on 12/10/23 at 10:28 pm to Seaux_cal_tiger
$350
Posted on 12/10/23 at 10:30 pm to Seaux_cal_tiger
It’s pretty simple to think through
He takes $100 out
He puts the $100 back when he buys something
They give him $30
He steals $70 worth of goods
$100
He takes $100 out
He puts the $100 back when he buys something
They give him $30
He steals $70 worth of goods
$100
Posted on 12/10/23 at 10:30 pm to Seaux_cal_tiger
$130 cash
$ 70 in goods
do you work for Disney?
$ 70 in goods
do you work for Disney?
Posted on 12/10/23 at 10:31 pm to Seaux_cal_tiger
We don’t have enough info on the mark up of what he bought with the $70.
Posted on 12/10/23 at 10:32 pm to Seaux_cal_tiger
quote:
Riddle: A man steals a $100 bill from a store’s cash register. Then he buys $70 worth of goods at the store using the $100 he stole and he gets $30 in change back. How much money did the store lose?
From an accounting perspective, $30 plus the store’s cost of the item stolen. From a legal perspective, $100 total worth of cash and merchandise.
Posted on 12/10/23 at 10:32 pm to Seaux_cal_tiger
Are the items on consignment?
Posted on 12/10/23 at 10:32 pm to Seaux_cal_tiger
$100
Unless there is a markup on the goods 'purchased'. Then it would be $30 cash plus the store's actual cost to acquire the goods (which could be less than $70).
Unless there is a markup on the goods 'purchased'. Then it would be $30 cash plus the store's actual cost to acquire the goods (which could be less than $70).
Posted on 12/10/23 at 10:35 pm to Seaux_cal_tiger
The store didn’t lose any money they have insurance.
Posted on 12/10/23 at 10:37 pm to Seaux_cal_tiger
$200
Posted on 12/10/23 at 10:40 pm to Seaux_cal_tiger
The cashier was the thief’s father. It was an inside job.
Posted on 12/10/23 at 10:40 pm to Seaux_cal_tiger
$100
This post was edited on 12/11/23 at 1:49 am
Posted on 12/10/23 at 10:41 pm to Seaux_cal_tiger
$100. Robber stole $100. Patronizing the store after the fact doesn’t mitigate the robbery.
Posted on 12/10/23 at 10:42 pm to Seaux_cal_tiger
I'd say 200 myself. But I'll edit if I'm wrong.
Posted on 12/10/23 at 10:42 pm to Seaux_cal_tiger
$100 - net profit on the items sold.
Posted on 12/10/23 at 10:44 pm to Seaux_cal_tiger
quote:frick YOU
Even amongst the Accountants in our group
Posted on 12/10/23 at 10:46 pm to Seaux_cal_tiger
if I bought a jar of peanut butter for $50 and charged $70 to cover expenses and make a profit then I lost that $70 plus $100 stolen.
Posted on 12/10/23 at 10:53 pm to Seaux_cal_tiger
I guess it really depends on the cost of goods (what the store paid for it from their vendor) before a dollar amount can be in a decision. You didn't give enough information. You never mentioned whether the $70 worth of goods was what the store was selling it for or what they actually paid for it.
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