A man steals $100 from a store then he buys $70 worth of goods from that same store using the $100 bill he'd stolen. He gets back $30 in change.
How much money did the store lose in total?
I think it's $30 because the store got back $70 of the $100. This is apparently wrong however as I've seen no guesses that jibe with mine. The most common answer seems to be $200 but I don't get how that works. What am I getting wrong?
Explain your solution.
2
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medved
Level 1
Dec 10, 2022
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$100. I look at it like this: After the theft of $100, the store continued to have legitimate transactions with customers, exchanging merchandise for money. It doesn't matter that one of the customers just happen to be the thief. The store is still out $100 because the legitimate transactions do not make up for the theft.
TMA2NC
Level 6
Sep 18, 2022
1
Miss Kathleen explained it nicely. The store is out the $100 he stole initially then it's out a further $70 in merchandise bought with the stolen money and the $30 in change. The store is out $200 in total.
@Sgt_Spanky Yes, I saw the response from @MsKathleen. But how is the store out an additional $70 in merch when the merch was fully paid for? If the point is that the stolen money used to make the purchase is an illegal transaction and can't therefore be counted as revenue for the store, then I understand the point. However, the transaction is still valid as long as the money was real, not counterfeit.
@TMA2NC Since the merch was paid for with money stolen from the store it becomes an additional loss to be added to the total as does the change.
@Sgt_Spanky Let's agree to disagree.
$100 was stolen and the store had to pay for goods and overhead, even if you credit the mark up, it is stll only a small profit on $70 and even smaller part of 100. Depending on the business and not crediting the profit to the merchant his loss is still very close to $100
Buttercup
Level 8
Sep 17, 2022
2
@MsKathleen Druvius is correct if you use cash accounting. The merchant could declare a loss of $100 for taxes, if you want to go deeper it's a rat's nest.
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