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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 10:31 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 10:33 pm to OWLFAN86
quote:
do you work for Disney?
Haha, nope.
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 10:36 pm to AkronTiger
100
In the end, all the store is really losing is 70 of goods and 30 cash
Same result if he walked in, grabbed the merch and 30 from the register and left
Till total is the same
Scenario 1
500 in the register
Steals 100
400 left
"Buys" 70
100 back in and temp total is 500
30 change
End up with 470
Scenario 2
500 in the register
Guy walks in, take 70 of product
500 still in the register
Takes 30 out
470 in the register
Thief ends up with 70 in product and 30 in cash. Store lost 70 in product and 30 in cash
In the end, all the store is really losing is 70 of goods and 30 cash
Same result if he walked in, grabbed the merch and 30 from the register and left
Till total is the same
Scenario 1
500 in the register
Steals 100
400 left
"Buys" 70
100 back in and temp total is 500
30 change
End up with 470
Scenario 2
500 in the register
Guy walks in, take 70 of product
500 still in the register
Takes 30 out
470 in the register
Thief ends up with 70 in product and 30 in cash. Store lost 70 in product and 30 in cash
Posted on 12/10/23 at 10:37 pm to Seaux_cal_tiger
$200
Posted on 12/10/23 at 10:39 pm to StTiger
If he had just stolen the product the store would have only lost whatever cost was. Since he “bought” it and the store thought it was putting a net of $70 into the register it means they lost the full $70 markup of the goods.
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 Jim Rockford
quote:
350
How did you come up with this?
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.
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