Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar
10,000,000.00
70.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%
DSO
2%
DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Ventas
Costos Variables
BAIT
10,000,000.00
70.00%
CASO2
T
b
i
5,000,000.00
300.00
4.00%
b)
T
b
i
5,000,000.00
300.00
8.00%
c)
T
b
i
5,000,000.00
300.00
8.00%
CASO 3
AQPVIRTUAL
cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
Inters
670.01
661.42
644.24
618.47
584.11
541.16
489.62
429.49
360.78
283.47
197.57
103.08
78
Nro cuota
1
2
3
4
5
6
7
8
cuotas decrecientes
Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13
37230.77/6
Caso 4
Calgari Company
Activos Circulantes
Activos Fijos
Total Activos
2,250,000.40
Deuda
Capital Contable
Total Pasivo y Capital
1,012,500.18
1,237,500.22
2,250,000.40
4,000,000.00
640,000.00
101,250.02
538,749.98
254,559.37
284,190.62
22.96489414
EL modelo restringido
tiene mayor rentabilidad
Propuesta 1
11,000,000.00
7,700,000.00
Neto 30
Neto 20
50,000.00
DatosPropuest1
200,000.00
833,333.33
OJO: UN 14%
2.28
DSO=45
87,500.00
efectos Prop1
1,000,000.00
22,800.00
125,000.00
13,125.00 100,625.00
Propuesta 1
11,000,000.00
7,700,000.00
3,300,000.00
Propuesta 2
9,000,000.00
6,300,000.00
2,700,000.00
100,625.00
50,000.00
222,800.00
2,926,575.00
1,170,630.00
57,750.00
50,000.00
90,000.00
2,502,250.00
1,000,900.00
1,755,945.00
1,501,350.00
273,861.28
CostoOportun
5,477.23
###
10,954.45
se usa el de a
273,861.28
10,954.45
16,431.68
193,649.17
CostoOportun
7,745.97
Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08
15,491.93
T. pago
1,246.94
1,815.27
2,375.01
2,926.16
3,468.73
4,002.70
4,528.09
5,044.88
5,553.08
6,052.70
6,543.72
7,026.16
Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00
Tasa Nominal
18%
Interes men
3.00%
ieq 1
m
n
Saldo
PrestamoNu
NuevaDEUDA
Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6205.1282051282
Moderado
50%
2,000,000.00
650,000.00
T. pago
408.75
408.75
6,613.88
6,545.75
6,477.63
6,409.50
6,341.38
6,273.25
Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
0.00
Relajado
60%
2,400,000.00
650,000.00
inte efectivo
Interes men
14.00%
0.14
n2
ieq 1 i n1 1
2,650,000.50
3,050,000.60
1,192,500.23
1,457,500.28
2,650,000.50
1,372,500.27
1,677,500.33
3,050,000.60
4,000,000.00
640,000.00
119,250.02
520,749.98
246,054.36
274,695.61
4,000,000.00
640,000.00
137,250.03
502,749.97
237,549.36
265,200.61
18.847036796
15.80927324
Prop2
9,000,000.00
A UN 1%
1.00%
DSO=22
90,000.00
550,000.00
57,750.00
Propuesta 3
11,500,000.00
8,050,000.00
3,450,000.00
67,083.33
50,000.00
138,000.00
3,194,916.67
1,277,966.67
1,916,950.00
A UN 1.2%
1.20%
DSO=20
Prop3
11,500,000.00
138,000.00
638,888.89
67,083.33
a Nominal
m
n
24,230.77
13000
37,230.77
14% anual
0.010978852
0.01098
n2
1 i n1 1
CASO 1: GABC
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal
10,000,000.00
75.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar
DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Ventas
Costos Variables
BAIT
10,000,000.00
75.00%
CASO2
T
b
i
6,000,000.00
400.00
4.00%
b)
T
b
i
5,000,000.00
300.00
9.00%
c)
T
b
i
5,000,000.00
300.00
9.00%
CASO 3
AQPVIRTUAL
cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
Deuda
55,000.00
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54
Inters
864.05
852.97
830.81
797.58
753.27
697.88
631.42
553.88
465.26
365.56
254.78
132.93
78
Nro cuota
1
2
3
4
5
6
7
8
cuotas decrecientes
Deuda
44,615.38
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90
Inters
456.72
456.72
456.72
380.60
304.48
228.36
152.24
76.12
37230.77/6
Caso 4
Calgari Company
Activos Circulantes
Activos Fijos
Total Activos
1,900,000.40
Deuda
Capital Contable
Total Pasivo y Capital
1,045,000.22
855,000.18
1,900,000.40
3,000,000.00
450,000.00
104,500.02
345,499.98
130,598.99
214,900.99
25.1346129911
EL modelo restringido
tiene mayor rentabilidad
Propuesta 1
11,000,000.00
8,250,000.00
Neto 30
Neto 20
50,000.00
DatosPropuest1
200,000.00
833,333.33
87,500.00
efectos Prop1
1,200,000.00
2.28
27,360.00 227,360.00
125,000.00
13,125.00 100,625.00
Propuesta 1
11,200,000.00
8,400,000.00
2,800,000.00
Propuesta 2
9,000,000.00
6,750,000.00
2,250,000.00
100,625.00
50,000.00
227,360.00
2,422,015.00
968,806.00
57,750.00
50,000.00
90,000.00
2,052,250.00
820,900.00
1,453,209.00
1,231,350.00
346,410.16
CostoOportun
6,928.20
Costo Anual
C=raiz(2bT/i)
13,856.41
se usa el de a
346,410.16
CostoOportun
15,588.46
Costo Anual
19,918.58
182,574.19
CostoOportun
8,215.84
Costo Anual
Amortizacin
705.13
1,410.26
2,115.38
2,820.51
3,525.64
4,230.77
4,935.90
5,641.03
6,346.15
7,051.28
7,756.41
8,461.54
16,431.68
T. pago
1,569.17
2,263.23
2,946.20
3,618.09
4,278.91
4,928.65
5,567.32
6,194.90
6,811.41
7,416.84
8,011.19
8,594.47
Saldo
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54
0.00
Tasa Nominal
19%
Interes men
3.17%
ieq 1
m
n
Saldo
PrestamoNu
NuevaDEUDA
Amortizacin
0.00
0.00
7,435.90
7,435.90
7,435.90
7,435.90
7,435.90
7,435.90
7435.8974358974
Moderado
50%
1,500,000.00
700,000.00
T. pago
456.72
456.72
7,892.62
7,816.50
7,740.38
7,664.26
7,588.14
7,512.02
Saldo
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90
0.00
Relajado
60%
1,800,000.00
700,000.00
inte efectivo
Interes men
13.00%
0.13
n2
ieq 1 i n1 1
2,200,000.50
2,500,000.60
1,210,000.28
990,000.23
2,200,000.50
1,375,000.33
1,125,000.27
2,500,000.60
3,000,000.00
450,000.00
121,000.03
328,999.97
124,361.99
204,637.98
3,000,000.00
450,000.00
137,500.03
312,499.97
118,124.99
194,374.98
20.6704986249
17.27777181
RNATIVOS
efectos Prop2
9,000,000.00
1.00%
90,000.00
550,000.00
57,750.00
Propuesta 3
11,700,000.00
8,775,000.00
2,925,000.00
68,250.00
50,000.00
140,400.00
2,666,350.00
1,066,540.00
1,599,810.00
efectos Prop3
11,700,000.00
1.20%
140,400.00
650,000.00
68,250.00
140,400.00
a Nominal
0.0001570993
q 1
m
n
1+0.18/
29,615.38
15000
44,615.38
13% anual
0.0102368444
1.024
n2
1 i n1 1
brabustos@gmail.com
AQPVIRTUAL
cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
78
factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
Amortiza
Nro cuota
1
2
3
4
5
6
7
8
Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
Inters
572.56
565.22
550.54
528.51
499.15
462.45
418.41
367.02
308.30
242.24
168.83
88.09
Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08
T. pago
1,149.48
1,719.06
2,281.30
2,836.21
3,383.77
3,923.99
4,456.87
4,982.41
5,500.61
6,011.47
6,514.98
7,011.16
Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6205.1282051
T. pago
408.75
408.75
6,613.88
6,545.76
6,477.63
6,409.51
6,341.38
6,273.26
cuotas decrecientes
Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.25
6,205.12
Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13
37230.77/6
Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00
Interes men
1.27234838
0.0127235
ieq 1
Saldo
PrestamoNuevo
NuevaDEUDA
Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.25
6,205.12
-0.01
Interes men
Interes
m
n
1+0.18/
24,230.77
13000
37,230.77
0.0109789 -0.98902115
-98.9021148
1.01097885 0.01097885
n2
ieq 1 i n1 1
TEMA A
CASO 1: GABC
Propuesta 1
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal
10,000,000.00
70.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%
11,000,000.00
7,700,000.00
Neto 30
50,000.00
DatosPropuest1
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar
Ventas
Costos Variables
BAIT
Gastos relaciond credito
Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT
200,000.00
833,333.33
87,500.00
DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Propuesta 1
Propuesta 2
11,000,000.00
9,000,000.00
7,700,000.00
6,300,000.00
3,300,000.00
2,700,000.00
100,625.00
50,000.00
222,800.00
2,926,575.00
1,170,630.00
1,755,945.00
Propuesta 3
11,500,000.00
8,050,000.00
3,450,000.00
57,750.00
50,000.00
90,000.00
2,502,250.00
1,000,900.00
1,501,350.00
67,083.33
50,000.00
138,000.00
3,194,916.67
1,277,966.67
1,916,950.00
CASO2
T
b
i
5,000,000.00
300.00
4.00%
b)
T
b
i
273,861.28
CostoOportun
5,000,000.00
300.00
8.00%
5,477.23
Costo Anual
5,795.48
C=raiz(2bT/i)
273,861.28
CostoOportun
10,954.45
Costo Anual
c)
T
b
i
5,000,000.00
300.00
8.00%
CASO 3
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
AQPVIRTUAL
cuotas crecientes
Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
11,272.71
193,649.17
CostoOportun
7,745.97
Costo Anual
8,071.79
Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08
T. pago
1,246.94
1,815.27
2,375.01
2,926.16
3,468.73
4,002.70
4,528.09
5,044.88
5,553.08
6,052.70
6,543.72
7,026.16
Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00
78
cuotas decrecientes
Nro cuota
1
2
3
4
5
6
7
8
Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13
Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
37230.77/6
NuevaDEUDA
inte efectivo
Interes men
T. pago
408.75
408.75
6,613.88
6,545.75
6,477.63
6,409.50
6,341.38
6,273.25
6205.1282051282
37,230.77
14% anual
0.010978852
Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
0.00
Caso 4
Calgari Company
Activos Circulantes
Activos Fijos
Total Activos
Moderado
50%
2,000,000.00
650,000.00
2,650,000.50
Relajado
60%
2,400,000.00
650,000.00
3,050,000.60
1,012,500.18
1,237,500.22
2,250,000.40
1,192,500.23
1,457,500.28
2,650,000.50
1,372,500.27
1,677,500.33
3,050,000.60
4,000,000.00
640,000.00
101,250.02
538,749.98
254,559.37
284,190.62
4,000,000.00
640,000.00
119,250.02
520,749.98
246,054.36
274,695.61
4,000,000.00
640,000.00
137,250.03
502,749.97
237,549.36
265,200.61
22.96489414
18.847036796
15.8092732392
Deuda
Capital Contable
Total Pasivo y Capital
EL modelo restringido
tiene mayor rentabilidad
TEMA B
CASO 1: GABC
Propuesta 1
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal
10,000,000.00
75.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%
11,000,000.00
8,250,000.00
Neto 30
50,000.00
DatosPropuest1
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar
Ventas
Costos Variables
BAIT
Gastos relaciond credito
Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT
200,000.00
833,333.33
87,500.00
DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Propuesta 1
Propuesta 2
11,000,000.00
9,000,000.00
8,250,000.00
6,750,000.00
2,750,000.00
2,250,000.00
100,625.00
50,000.00
227,360.00
2,372,015.00
948,806.00
1,423,209.00
Propuesta 3
57,750.00
50,000.00
90,000.00
2,052,250.00
820,900.00
1,231,350.00
11,700,000.00
8,775,000.00
2,925,000.00
68,250.00
50,000.00
140,400.00
2,666,350.00
1,066,540.00
1,599,810.00
CASO2
T
b
i
6,000,000.00
400.00
4.00%
b)
T
b
i
346,410.16
CostoOportun
5,000,000.00
300.00
9.00%
6,928.20
Costo Anual
7,345.52
C=raiz(2bT/i)
346,410.16
CostoOportun
15,588.46
Costo Anual
c)
T
b
i
5,000,000.00
300.00
9.00%
CASO 3
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
AQPVIRTUAL
cuotas crecientes
Deuda
55,000.00
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54
Inters
864.05
852.97
830.81
797.58
753.27
697.88
631.42
553.88
465.26
365.56
254.78
132.93
78
Saldo
PrestamoNuevo
cuotas decrecientes
Nro cuota
1
2
3
4
5
6
7
8
Deuda
44,615.38
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90
15,902.89
Inters
456.72
456.72
456.72
380.60
304.48
228.36
152.24
76.12
182,574.19
CostoOportun
8,215.84
Costo Anual
8,543.22
Caso 4
Calgari Company
Activos Circulantes
Activos Fijos
Total Activos
Moderado
50%
1,500,000.00
700,000.00
2,200,000.50
Relajado
60%
1,800,000.00
700,000.00
2,500,000.60
1,045,000.22
855,000.18
1,900,000.40
1,210,000.28
990,000.23
2,200,000.50
1,375,000.33
1,125,000.27
2,500,000.60
3,000,000.00
450,000.00
104,500.02
345,499.98
130,598.99
214,900.99
3,000,000.00
450,000.00
121,000.03
328,999.97
124,361.99
204,637.98
3,000,000.00
450,000.00
137,500.03
312,499.97
118,124.99
194,374.98
25.1346129911
20.6704986249
17.2777718066
Deuda
Capital Contable
Total Pasivo y Capital
EL modelo restringido
tiene mayor rentabilidad