[Accountant183748]

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?

[aaronmo]

He's lost investable working capital, and, assuming the loss was reasonably declared, he has partial tax shield.https://www.another71.com/cpa-exam-forum/

[NikkiPhooh]

Lol
Wow!
Has anyone ever come up with the correct answer?

Took $ 100 gave it back and received cash $ 30 & goods $ 70
So if you look at the question it asks how much money did the owner lose. Money/ Cash $ 30. If you think about the goods value ( $70 ) then total $ 100.00. Goods was not cash but could effect inventory down the line . Lol but that's really taking this cute little riddle too far. Make it simple he lost $30 in cash/ money.

[waffle_house]

Yes I answered this question yesterday on a Facebook page. The amount of wrong answers baffled me. (Theif Takes $100 – gives back 100$) + ($30 from cashier + $70 goods he ran off with). Lets not make this complicated.

Easily solved if you act it out lol. He loses $30 cash and $70 from sales.

[Spartans92]

OMG, I even LOL (literally) when I saw your user @aaron.. A- ARON From Key and peele.

BEC- PASS

[gigabyte2001]

What did his insurance reimburse?

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[aaronmo]

I don't think any insurance will reimburse a cash loss…it's too easy to fake and too hard to verify. Insurance application to risk should be for transactions with a relatively low chance of happening, but with large effect…so that the large impact can be spread out. The risk of cash loss to theft would be a fairly common risk you'd face with self insurance and controls.

[HarryKhan]

Lets put it this way, for example if the cash register have $1000 in it, & the thief stole $100 and the owner is left with $900, correct? Ok. Thief bought $70 worth of groceries paying using the $100 bill that he stole and the owner gave $30 change to the thief, how much money left in the register? $970 right? So at the end of the day, the owner lost $130. I dont know if this is right hahaha

[Trele6]

Has to be $100.. The till is short of the starting balance by the $100 taken. Him coming back in and buying something and legitimately paying for it is irrelevant. It's no different than had I walked in and paid $70 with a $100 bill. Its a valid transaction so no loss can occur on it. At the end of the day, and after all the transactions are totaled up the register will only be short by the $100 originally stolen.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[helizabeth]

The lady stole $100. She racked up a total of $70. Since she used the same $100 that she stole, she pretty much gave the store back $70. Leaving the $30 in change to be the loss. The answer is $30.

[Anonymous]

But isnt the owner at a -$70 position to begin with, since he is most likely reselling the goods? So -$70, loses $100, now at -$170, gets $100 back, now at -$70, loses $70 in goods that he cant recoup the costs on and since they were essentially bought again with his own money it puts him at -$140 and then he hands back the $30 netting him a loss of $170?

[Author]

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