- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Help with riddle - How Much Money Did The Store Lose?
Posted on 12/11/23 at 11:16 am to LSUcajun77
Posted on 12/11/23 at 11:16 am to LSUcajun77
Assumptions:
Sales tax: 10%
COGS: 25%
Store loses:
1. $30.00 cash (change given to thief)
2. $17.50 product COGS (25% of $70 purchased goods)
3. $7.00 sales tax
Total = $54.50
Amount of stolen $100 recovered = $45.50 (“profit” on $70 sales less $7 sales tax)
*the store could probably claim the theft as a write off and save their marginal tax rate so a few more dollars in year end taxes probably as well
Sales tax: 10%
COGS: 25%
Store loses:
1. $30.00 cash (change given to thief)
2. $17.50 product COGS (25% of $70 purchased goods)
3. $7.00 sales tax
Total = $54.50
Amount of stolen $100 recovered = $45.50 (“profit” on $70 sales less $7 sales tax)
*the store could probably claim the theft as a write off and save their marginal tax rate so a few more dollars in year end taxes probably as well
This post was edited on 12/11/23 at 11:21 am
Popular
Back to top
Follow TigerDroppings for LSU Football News