Ola on Spoutible

Let’s play.🤣

Someone steals a $100 bill from a store register, then buys $70 worth of goods at that store using the $100 bill and gets a $30 balance.

How much money did the store lose?

06:23 AM - Jul 23, 2023

Jack Handy

@Puppies_kittens

In response to Ola.

Without knowing what their markup is it's kind of impossible to say, however they lost $100 from the theft and then because $70 was paid for with stolen money they got that back but, since that $70 was theirs to begin with you can subtract it from the total and the answer is still $100.

10:46 AM - Jul 24, 2023

Tony_Bell

@Tony_Bell

In response to Ola.

Frankly, you haven't provided enough info for one to accurately answer your question b/c net income (loss) is partly a function of COGS, which you haven't provided.

03:58 PM - Jul 23, 2023

Tony_Bell

@Tony_Bell

In response to Ola.

+ Sales = 70
- COGS = 35 (assumes 50% markup)
- Theft expense = 100
= Net Loss = -65

Basic income statement equations:
Sales - COGS = Gross Profit
Gross Profit - Expenses = Net Income (Loss)

03:46 PM - Jul 23, 2023 (Edited)

Mary Weigle

@mary_weigle

In response to Ola.

$170 not allowing for profit on items purchased/stolen.

09:56 AM - Jul 23, 2023

Ola

@Olatunde

In response to Mary Weigle.

Wrong.

The $100 bill that was stolen was then given back to the owner. What the owner loses is the $70 worth of goods and the $30 in change, which makes for a total of $70 + $30 = $100.

The owner has lost $100. Easy-peasy.🤣

11:08 AM - Jul 23, 2023

South Cackalacky Scholar

@SoCackalackyScholar

In response to Ola.

$170. The goods were paid for by money stolen from the store, so the thief got away with $100 in cash and $70 in groceries.

09:43 AM - Jul 23, 2023

Ola

@Olatunde

In response to South Cackalacky Scholar.

Very wrong.

The $100 bill that was stolen was then given back to the owner. What the owner loses is the $70 worth of goods and the $30 in change, which makes for a total of $70 + $30 = $100.

The owner has lost $100. Easy-peasy.🤣

11:08 AM - Jul 23, 2023

Virginia Crochets and Stuff

@VirginiaSpencer

In response to Ola.

The store lost $100.
The groceries were bought and paid for. That the money that paid for them was stolen is irrelevant as is the change.

09:14 AM - Jul 23, 2023

Ola

@Olatunde

In response to Virginia Crochets and Stuff.

Correct. 👍🏽

11:09 AM - Jul 23, 2023

Rev. Dr. Johannon Tate

@Dr_JRTate

In response to Ola.

$200

08:35 AM - Jul 23, 2023

Ola

@Olatunde

In response to Rev. Dr. Johannon Tate.

11:06 AM - Jul 23, 2023

Michael Hunsche

@hunchmichael

In response to Ola.

A little less than a $100 because of the profit made on $70 worth of goods. Look at it this way, if the thief went to a different store and spent that $70, the original store didn’t lose more money, and they profited from the markups.

08:34 AM - Jul 23, 2023

Ola

@Olatunde

In response to Michael Hunsche.

The $100 bill that was stolen was then given back to the owner. What the owner loses is the $70 worth of goods and the $30 in change, which makes for a total of $70 + $30 = $100.

The owner has lost $100. Easy-peasy.🤣

11:10 AM - Jul 23, 2023

Angie is Supercalifragilistic…

@angief222

In response to Ola.

$200

07:46 AM - Jul 23, 2023

Ola

@Olatunde

In response to Angie is Supercalifragilistic….

11:11 AM - Jul 23, 2023

Scott Smith

@eaglesfanintn

In response to Ola.

$130 - the original $100 plus the $30 in change they got.

07:44 AM - Jul 23, 2023

Ola

@Olatunde

In response to Scott Smith.

11:12 AM - Jul 23, 2023

Ola

@Olatunde

In response to Scott Smith.

11:12 AM - Jul 23, 2023

Dan Ehrenkrantz

@dehrenkrantz

In response to Ola.

What is the definition of “money?” Is the store’s inventory “money?” Or is the inventory “goods”that have monetary value? And what is “lose.” Did you “lose” your shoe if you found it after looking for a few minutes?

This is how my brain works. It didn’t help me in math class. 😊

07:38 AM - Jul 23, 2023