A guy walks into the store and steals $100 cash (riddle)

  • Creator
    Topic
  • #1371768
    Accountant183748
    Participant

    Not sure if you’ve seen this going around but I thought it would be fun to ask here. It’s a fun little riddle that is driving some people crazy 😁

    A guy walks into the store and steals $100 bill from the register without the owner’s knowledge. He comes back 5 minutes later and buys $70 worth of goods with the $100 bill. The owner gives him back $30 in change. How much money did the owner lose?

Viewing 15 replies - 1 through 15 (of 25 total)
  • Author
    Replies
  • #1371777
    Anonymous
    Inactive

    $100?

    #1371798
    Accountant183748
    Participant

    This is the original post on FB the comments are pretty funny.

    https://m.facebook.com/story.php?story_fbid=1254756407914475&id=100001403825442

    I initially thought $100 too but then got confused when looking at the comments. Hahah Maybe I am overthinking it

    #1371816
    NotYourAverageCPA
    Participant

    Depends on the COGS.

    FAR - PASS
    AUD - PASS
    REG - PASS
    BEC - PASS

    NY CPA- Licensed Jan 2016
    CISA Exam - Passed June 2016

    #1371818
    industryCPA
    Participant

    $30 plus however much the goods were to him???

    #1371822
    Spartans92
    Participant

    $200. 100 stolen + 70 worth of goods + 30 change. Whats the answer? Or 100? LOL

    BEC- PASS

    #1371833
    Anonymous
    Inactive

    Spartans92 the thief gave the $100 bill back to the store, so he walked away with $70 of goods + $30 cash. I guess technically we should take COGS into account but I doubt whoever came up with this riddle had that in mind lol

    #1371834
    aaronmo
    Participant

    $100 X (1-x) tax rate, because the loss is deductible.

    The later transaction has nothing to do with the loss.

    #1371839
    aaronmo
    Participant

    In terms of strictly cash liquidity, he's lost $30 from the register.

    #1371848
    Accountant183748
    Participant

    I don't know what the answer is – everyone says something different.

    Without tax implications, I was thinking $100 as well. I think that COGS wouldn't matter because he still could have sold the inventory for $70 no matter what COGS is so that is still lost.

    #1371855
    Spartans92
    Participant

    LMAO!! I died when I saw the tax implications 🙂 Only accountants would care.

    BEC- PASS

    #1371891
    aaronmo
    Participant

    Thank you, thank you!

    #1371893
    aaronmo
    Participant

    Now that I'm really thinking about it…he's lost more…

    He lost ($100 x (1-x) x G))

    Where x is tax rate and G is the growth rate…

    So, using CAPM, his ANNUAL loss, but not for IS purposes, is:

    ($100 x (1-x)) x (risk free rate + beta(risk free rate-market rate))

    #1371915
    Missy
    Participant

    Still $100

    Licensed Massachusetts Non Reporting CPA since 2012
    Finance/Admin/HR Manager

    #1371933
    kayfcpa16
    Participant

    $100 – originally stolen – amount returned = $0 loss
    $70 – inventory purchased = $70 loss
    $30 – Change given = $30 loss

    $100 – Total Loss (Cash & Inventory)

    FAR - 2/16 - 78
    BEC - 2/16 - 78
    AUD - 8/16
    REG - 8/16

    #1371992
    Char143
    Participant

    I got $100

    I just look at it as what the thief made out with.. He got 100 worth of items, he just changed it it from $70 cash to $70 worth in items.

    In my head the thief basically stole $70 in items and $30 in cash?

    So what he stole is what the owner lost, as the cpa exam would say “disregarding COGS information”..

    AUD (2/16)-84
    REG (05/16)-69 Retake (7/16)-79 (ty ninja MCQ)
    BEC-TBD
    FAR-9/8/16

Viewing 15 replies - 1 through 15 (of 25 total)
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