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1. Se compr un torno computarizado para aumentar la productividad en una empresa


metalmecnica. Se espera que produzca beneficios antes de depreciacin
e impuestos por $13 500 el primer ao, con incrementos de $2500 anuales conforme
se intensifique su uso. El torno tiene un valor de $54000 y un valor de
salvamento de $6000 al final de su vida til de cuatro aos. Se deprecia por el
mtodo de suma de dgitos de los aos. Para comprarlo se puede pedir un prstamo
de $20000 por el cual se cobrara una tasa de 15% de inters anual, acordando
pagar slo una suma que incluya capital ms inters al final de los cuatro aos, a
fin de saldar el prstamo. Si la empresa paga impuestos a una tasa de 45% y su
TMAR es de 18%, calclese el VPN de la compra: a) con financiamiento; b) sin
financiamiento.

CON FINANCIAMENTO

VALOR DEL PRESTAMO


VALOR DEL PAGO AL FINAL DE LOS CUATRO AOS
FACTOR SEGUN TABLA
INGRESOS
AUMENTO DE LOS INGRESOS POR AO
VALOR DE SALVAMENTO
DESEMBOLSO EN EL AO 0

ESTADO DE RESULTADOS

Ao 1 2
+Ingresos $0.00 $0.00
-Costos Desarrollo $1,250,000.00 $1,250,000.00
-Costo De Transicion $0,00 $0.00
-Costo De Marketing $0.00 $0.00
-Costo De Produccion $2.00 $0.00
UAI $1,250,000.00 $1,250,000.00
-Impuestos 0% $0.00 $0.00

UDI $1,250,000.00 $1,250,000.00


+Depreciacion $0.00 $0.00
$1,250,000.00 $1,250,000.00
-Pago Al Principal $0,00 $0,00
FNE $1,250,000.00 $1,250,000.00

SIN FINANCIAMENTO
VALOR DEL TORNO
VALOR DEL PAGO AL FINAL DE LOS CUATRO AOS
FACTOR SEGUN TABLA
INGRESOS
AUMENTO DE LOS INGRESOS POR AO
VALOR DE SALVAMENTO

ESTADO DE RESULTADOS

Ao 1 2
+Ingresos $13,500.00 $16,000.00
-Costos $0.00 $0.00
-Intereses $0,00 $0.00
-Depreciacion $19,200.00 $14,400.00

UAI $5,700.00 $1,600.00


-Impuestos 45% $0.00 $0.00

UDI $5,700.00 $1,600.00


+Depreciacion $19,200.00 $14,400.00
FNE $13,500.00 $16,000.00
ividad en una empresa
preciacin
500 anuales conforme
alor de
deprecia por el
de pedir un prstamo
nual, acordando
los cuatro aos, a
asa de 45% y su
amiento; b) sin i= 18%
AO
P/F

Tabla de deprecicion SDA

$20,000.00 Aos
$34,980.13 0
1.7490 1
$13,500.00 2
$2,500.00 3
$6,000.00 0 4
$34,000.00 10

3 4 5 6 7
$0.00 $0.00 $0.00 $4,000,000.00 $4,000,000.00
$1,250,000.00 $1,250,000.00 $0.00 $0.00 $0.00
$0.00 $1,000,000.00 $1,000,000.00 $0.00 $0.00
$0.00 $0.00 $250,000.00 $250,000.00 $250,000.00
$0.00 $0.00 $0.00 $2,000,000.00 $2,000,000.00
$1,250,000.00 $2,250,000.00 $1,250,000.00 $1,750,000.00 $1,750,000.00
$0.00 $0.00 $0.00 $0.00 $0.00

$1,250,000.00 $2,250,000.00 $1,250,000.00 $1,750,000.00 $1,750,000.00


$0.00 $0.00 $0.00 $0.00 $0.00
$1,250,000.00 $2,250,000.00 $1,250,000.00 $1,750,000.00 $1,750,000.00
$0,00 $0.00 $0,00 $0,00 $0,00
$1,250,000.00 $2,250,000.00 $1,250,000.00 $1,750,000.00 $1,750,000.00
$54,000.00
$0.00
0.0000
$13,500.00
$2,500.00
$6,000.00

3 4
$18,500.00 $21,000.00
$0.00 $0,00
$0.00 $0.00
$9,600.00 $4,800.00

$8,900.00 $16,200.00 VPN= $48,117.5996


$0.00 $0.00 VPN= $5,882.4004

$8,900.00 $16,200.00
$9,600.00 $4,800.00
$18,500.00 $21,000.00
1 2 3 4
0.8475 0.7182 0.6086 0.5158

e deprecicion SDA

Factor Depreciacion Valor en libros


0 0 0 $54,000.000
4 0.4 $ 19,200.00 $34,800.000
3 0.3 $ 14,400.00 $20,400.000
2 0.2 $ 9,600.00 $10,800.000
1 0.1 $ 4,800.00 $6,000.000
$48,000.00

8 9 10 11
$4,000,000.00 $4,000,000.00 $4,000,000.00 $4,000,000.00
$0,00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$250,000.00 $250,000.00 $250,000.00 $250,000.00
$2,000,000.00 $2,000,000.00 $2,000,000.00 $2,000,000.00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
$0.00 $0.00 $0.00 $0.00

$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00


$0.00 $0.00 $0.00 $0.00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
Aos $0,00 $0,00 $0,00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
5 6 7 8
0.4371 0.3704 0.3139 0.2660

Valor en libros
$54,000.000
$34,800.000
$20,400.000 DONDE B = P-VS
$10,800.000 $48,000.00
$6,000.000

12 13 14 15
$4,000,000.00 $4,000,000.00 $4,000,000.00 $4,000,000.00
$0,00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
$250,000.00 $250,000.00 $250,000.00 $250,000.00
$2,000,000.00 $2,000,000.00 $2,000,000.00 $2,000,000.00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
$0.00 $0.00 $0.00 $0.00

$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00


$0.00 $0.00 $0.00 $0.00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
$0,00 $0,00 $0,00 $0,00
$1,750,000.00 $1,750,000.00 $1,750,000.00 $1,750,000.00
9 10
0.2255 0.1911

16
$4,000,000.00
$0,00
$0.00
$250,000.00
$2,000,000.00
$1,750,000.00
$0.00
VPN=
$1,750,000.00 VPN=
$0.00
$1,750,000.00
$0,00
$1,750,000.00
$3,875,271.3978
$8,002,818.5
Ao 1 2
+Ingresos $0.00 $0.00
-Costos Desarrollo $1,000,000.00 $1,000,000.00
-Costo De Transicion $0,00 $750,000.00
-Costo De Marketing $0.00 $500,000.00
-Costo De Produccion $0.00 $0.00
UAI $1,000,000.00 $2,250,000.00
-Impuestos 0% $0.00 $0.00

UDI $1,000,000.00 $2,250,000.00


+Depreciacion $0.00 $0.00
$1,000,000.00 $2,250,000.00
-Pago Al Principal $0,00 $0,00
FNE $1,000,000.00 $2,250,000.00

VPN= 377,905
3 4 5
$4,320,000.00 $5,400,000.00 $4,320,000.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$500,000.00 $500,000.00 $500,000.00
$2,400,000.00 $3,000,000.00 $2,400,000.00
$1,420,000.00 $1,900,000.00 $1,420,000.00
$0.00 $0.00 $0.00

$1,420,000.00 $1,900,000.00 $1,420,000.00


$0.00 $0.00 $0.00
$1,420,000.00 $1,900,000.00 $1,420,000.00
$0,00 $0.00 $0.00
$1,420,000.00 $1,900,000.00 $1,420,000.00
2.

Inversion $84,000.00
VM $0.00
Gastos anuales $30,000.00
Ingresos $70,000.00
depreciacion LR
vida util $4.00
Impuestos 50%
TMAR 12%

Estado de resultados

+Ingresos $70,000.00
-Costos $30,000.00
-Depreciacion $21,000.00

UAI $19,000.00
$9,500.00
UDI $9,500.00

FNE $30,500.00

AO FNE
0 -84000
1 30500
2 30500
3 30500
4 30500
TABLA DE DEPRECIACION

ao depreciacion VL
0 $84,000.00
1 $21,000.00 $63,000.00
2 $21,000.00 $42,000.00
3 $21,000.00 $21,000.00
4 $21,000.00 $0.00

i= 12%
AO 1 2 3 4 5
P/A 0.8929 1.6901 2.4018 3.0373 3.6048
A/P 1.1200 0.5917 0.4163 0.3292 0.2774

VPN $8,639.16
VAN $2,844.3074
TIR 16.80%
0.00
6 7 8 9 10
4.1114 4.5638 4.9676 5.3282 5.6502
0.2432 0.2191 0.2013 0.1877 0.1770
3

A
Inversion $0.00
VM $0.00
Gastos anuales $24,000.00
Ingresos $30,000.00
depreciacion $0.00
vida util $5.00
Impuestos 40%
TMAR 12%

Aos Factor Depreciacion


0 0 0 0
1 5 0.3333 $ 20,000.00
2 4 0.2667 $ 16,000.00
3 3 0.2000 $ 12,000.00
4 2 0.1333 $ 8,000.00
5 1 0.0667 $ 4,000.00
15

ESTADO DE RESULTADOS

Ao 1 2
+Ingresos $30,000.00 $30,000.00
-Costos $0.00 $0.00
-Intereses $0,00 $0.00
-Depreciacion $20,000.00 $16,000.00

UAI $10,000.00 $14,000.00


-Impuestos 40% $4,000.00 $5,600.00

UDI $6,000.00 $8,400.00


+Depreciacion $20,000.00 $16,000.00
$26,000.00 $24,400.00
-Pago Al Principal $0,00 $0,00
FNE $26,000.00 $24,400.00

C
ESTADO DE RESULTADOS

Ao 1 2
+Ingresos $30,000.00 $30,000.00
-Costos $0.00 $0.00
-Intereses $0,00 $0.00
-Depreciacion $20,000.00 $16,000.00

UAI $10,000.00 $14,000.00


-Impuestos 40% $4,000.00 $5,600.00

UDI $6,000.00 $8,400.00


+Depreciacion $20,000.00 $16,000.00
$26,000.00 $24,400.00
-Pago Al Principal $0,00 $0,00
FNE $26,000.00 $24,400.00
Estado de resultados i= 2.5%
AO 1
+Ingresos $30,000.00 P/A 0.9756
-Costos $24,000.00 A/P 1.0250
-Depreciacion $0.00 P/F 0.8929

UAI $6,000.00 VPN $7,275.02


$2,400.00 VAN $1,565.9247
UDI $3,600.00

FNE $3,600.00

Valor en libros
$63,000.000
$43,000.000
$27,000.000 DONDE B = P-VS
$15,000.000 $60,000.00
$7,000.000
$3,000.000

3 4 5
$30,000.00 $30,000.00 $30,000.00
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00
$12,000.00 $8,000.00 $ 4,000.00

$18,000.00 $22,000.00 $26,000.00


$7,200.00 $8,800.00 $10,400.00

$10,800.00 $13,200.00 $15,600.00


$12,000.00 $8,000.00 $4,000.00
$22,800.00 $21,200.00 $19,600.00
$0,00 $0.00 0
$22,800.00 $21,200.00 $19,600.00
3 4 5
$30,000.00 $30,000.00 $30,000.00
$0.00 $0.00 $0.00
$0.00 $0.00 $49,114.56
$12,000.00 $8,000.00 $ 4,000.00

$18,000.00 $22,000.00 $23,114.56


$7,200.00 $8,800.00 $9,245.82

$10,800.00 $13,200.00 $13,868.74


$12,000.00 $8,000.00 $4,000.00
$22,800.00 $21,200.00 $9,868.74 VPN=
$0,00 $0.00 $33,000.00 VPN=
$22,800.00 $21,200.00 $42,868.74 VA=
2 3 4 5 6 7
1.9274 2.8560 3.7620 4.6458 5.5081 6.3494
0.5188 0.3501 0.2658 0.2152 0.1815 0.1575
0.7972 0.7118 0.6355 0.5674 0.5066 0.4523

VALOR DEL PRESTAMO $0.00


VALOR DEL PAGO AL FINAL DE LOS CUATRO AOS $0.00
FACTOR SEGUN TABLA 0.0000
INGRESOS $30,000.00
AUMENTO DE LOS INGRESOS POR AO $0.00
VALOR DE SALVAMENTO $3,000.00
DESEMBOLSO EN EL AO 0 $63,000.00
VALOR DEL PRESTAMO $33,000.00
VALOR DEL PAGO AL FINAL DE LOS CINCO AOS $82,114.56
FACTOR SEGUN TABLA 2.4883
INGRESOS $30,000.00
AUMENTO DE LOS INGRESOS POR AO $0.00
VALOR DE SALVAMENTO $3,000.00
DESEMBOLSO EN EL AO 0 $30,000.00

###
$19,744.7977
4250.006
8 9 10
7.1701 7.9709 8.7521
0.1395 0.1255 0.1143
0.4039 0.3606 0.3220

VPN= ###
VPN= $22,191.2362
VA= 4776.594