Caso Financiero

Caso Financiero:
Actualmente su empresa proyecta tener las siguientes ventas para el próximo año:
oct-18 $250,000 abr-19 $340,000 oct-19 $390,000
nov-18 $275,000 may-19 $350,000 nov-19 $400,000
dic-18 $300,000 jun-19 $360,000 dic-19 $390,000
ene-19 $310,000 jul-19 $365,000 ene-20 $400,000
feb-19 $320,000 ago-19 $375,000 feb-20 $410,000
mar-19 $320,000 sep-19 $385,000
El Departamento de crédito proyecta que las ventas de contado serían

aproximadamente el 40% del total de las ventas.
Del restante, se espera obtener el 30% de ventas a crédito a 30 días, otro 35% a 60
días y el restante a 90 días.
Los socios aportan un capital adicional en el mes de Abril 2019 por $150.000 y se
espera la venta de un equipo el cual ya no se va a utilizar en el mes de febrero 2019
por $130.000.
Las compras se esperan que sean el 49% de las ventas del mes siguiente y se
cancelarían 25% en el mes en que se incurren, 40% 30 días después y el restante a
60 días.
Los salarios son el 22% de las ventas, mientras que las retenciones por pagar son
del 11% y las cargas patronales del 27%.
El alquiler mensual es de $4.500, los gastos por mantenimiento se esperan que sean
$3.500 por mes, los gastos operativos son de $6.500 por mes y los fletes son de
$2.500 por mes. Adicionalmente debe cancelar la suma de $15.000 en mayo y en
junio por gastos varios al abogado. Este gasto se mantendrá durante la vida del
proyecto.
Actualmente su empresa tiene un préstamo con el Banco Nacional por $350.000

pagando una tasa de interés del 8% anual capitalizable mensualmente a un plazo de
7 años, el cual contrajo en Octubre 2018.
para el próximo año:
-19 $390,000
-19 $400,000
-19 $390,000
-20 $400,000
-20 $410,000
de contado serían
30 días, otro 35% a 60
019 por $150.000 y se

el mes de febrero 2019
el mes siguiente y se
después y el restante a
nciones por pagar son
o se esperan que sean

es y los fletes son de
$15.000 en mayo y en
drá durante la vida del
Nacional por $350.000

ualmente a un plazo de
FLUJOS DE CAJA
Paso No. 1, montar el cuadro de Ventas
MES
Ventas
- Contado 35%
- Crédito 65%
Paso No. 2, montar los Ingresos

I) INGRESOS
-Ventas de Contado
-Ventas Crédito 30 d 30%
-Aporte de capital
-Venta de Activos
-Intereses ganados
Total INGRESOS
Paso No.3, montar el cuadro de Compras y Salarios

MES
Compras 49%
Compras Contado 25%
Compras Crédito 40%
Compras Crédito 35%
Salarios Brutos 22%
Paso No. 4, calcular el total de egresos

II) EGRESOS
-Pago Compras Contado
-Pago Compras Crédito 3 40%
-Pago Compra Crédito 60 35%
-Salario neto 89%
-Retenciones 11%
-Cargas Patronales 27%
-Alquiler
- Mantenimiento
- Gastos Operativos
- Fletes
- Gastos Varios( Abogado)
-Pago de cuota 1
Total EGRESOS
Paso No. 5, calcular la Utilidad neta

Utilidad Neta (Total Ingresos - Total Egresos)
o de Ventas
Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19
250,000 275,000 300,000 310,000 320,000 320,000 340,000
87,500 96,250 105,000 108,500 112,000 112,000 119,000
162,500 178,750 195,000 201,500 208,000 208,000 221,000
contado 30d 60d 90d

87,500 96,250 105,000 108,500 112,000 112,000 119,000
48,750 53,625 58,500 60,450 62,400 62,400
56,875 62,562 68,250 70,525 72,800
56,875 62,562 68,250 70,525
150,000
130,000
87,500 145,000 215,500 286,438 433,263 313,175 474,725
o de Compras y Salarios
134,750 147,000 151,900 156,800 156,800 166,600 171,500
33,688 36,750 37,975 39,200 39,200 41,650 42,875
53,900 58,800 60,760 62,720 62,720 66,640 68,600
47,163 51,450 53,165 54,880 54,880 58,310 60,025
55,000 60,500 66,000 68,200 70,400 70,400 74,800
contado 30d 60d

33,688 36,750 37,975 39,200 39,200 41,650 42,875
53,900 58,800 60,760 62,720 62,720 66,640
47,163 51,450 53,165 54,880 54,880
48,950 53,845 58,740 60,698 62,656 62,656 66,572
6,050 6,655 7,260 7,502 7,744 7,744
14,850 16,335 17,820 18,414 19,008 19,008
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
3,959 3,959 3,959 3,959 3,959 3,959 3,959
103,597 186,354 246,627 258,147 264,616 269,617 278,678

-16,097 -41,354 -31,127 28,290 168,646 43,558 196,047
May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
350,000 360,000 365,000 375,000 385,000 390,000 400,000
122,500 126,000 127,750 131,250 134,750 136,500 140,000
227,500 234,000 237,250 243,750 250,250 253,500 260,000
122,500 126,000 127,750 131,250 134,750 136,500 140,000

66,300 68,250 70,200 71,175 73,125 75,075 76,050
72,800 77,350 79,625 81,900 83,038 85,313 87,588
72,800 72,800 77,350 79,625 81,900 83,038 85,313
334,400 344,400 354,925 363,950 372,813 379,925 388,950

176,400 178,850 183,750 188,650 191,100 196,000 191,100
44,100 44,713 45,938 47,163 47,775 49,000 47,775
70,560 71,540 73,500 75,460 76,440 78,400 76,440
61,740 62,597 64,312 66,028 66,885 68,600 66,885
77,000 79,200 80,300 82,500 84,700 85,800 88,000
44,100 44,713 45,938 47,163 47,775 49,000 47,775

68,600 70,560 71,540 73,500 75,460 76,440 78,400
58,310 60,025 61,740 62,597 64,312 66,028 66,885
68,530 70,488 71,467 73,425 75,383 76,362 78,320
8,228 8,470 8,712 8,833 9,075 9,317 9,438
20,196 20,790 21,384 21,681 22,275 22,869 23,166
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
303,923 311,005 301,740 308,158 315,240 320,975 324,943

30,477 33,395 53,185 55,792 57,573 58,950 64,007
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
390,000 400,000 410,000 413,417 416,862 420,336 423,838
136,500 140,000 143,500 144,696 145,902 147,117 148,343
253,500 260,000 266,500 268,721 270,960 273,218 275,495
136,500 140,000 143,500 144,696 145,902 147,117 148,343

78,000 76,050 78,000 79,950 80,616 81,288 81,965
88,725 91,000 88,725 91,000 93,275 94,052 94,836
87,588 88,725 91,000 88,725 91,000 93,275 94,052
390,813 395,775 401,225 404,371 410,793 415,733 419,197

196,000 200,900 202,574 204,262 205,964 207,681 209,412
49,000 50,225 50,644 51,066 51,491 51,920 52,353
78,400 80,360 81,030 81,705 82,386 83,072 83,765
68,600 70,315 70,901 71,492 72,088 72,688 73,294
85,800 88,000 90,200 90,952 91,710 92,474 93,244
49,000 50,225 50,644 51,066 51,491 51,920 52,353

76,440 78,400 80,360 81,030 81,705 82,386 83,072
68,600 66,885 68,600 70,315 70,901 71,492 72,088
76,362 78,320 80,278 80,947 81,622 82,302 82,988
9,680 9,438 9,680 9,922 10,005 10,088 10,172
23,760 23,166 23,760 24,354 24,557 24,762 24,968
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
324,801 327,393 334,281 338,592 341,239 358,908 361,600

66,011 68,382 66,944 65,778 69,554 56,825 57,598
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
427,370 430,932 434,523 438,144 441,795 445,477 449,189
149,580 150,826 152,083 153,350 154,628 155,917 157,216
277,791 280,106 282,440 284,794 287,167 289,560 291,973
149,580 150,826 152,083 153,350 154,628 155,917 157,216

82,648 83,337 84,032 84,732 85,438 86,150 86,868
95,626 96,423 97,227 98,037 98,854 99,678 100,508
94,836 95,626 96,423 97,227 98,037 98,854 99,678
422,691 426,213 429,765 433,346 436,957 440,599 444,270

211,157 212,916 214,691 216,480 218,284 220,103 221,937
52,789 53,229 53,673 54,120 54,571 55,026 55,484
84,463 85,166 85,876 86,592 87,313 88,041 88,775
73,905 74,521 75,142 75,768 76,399 77,036 77,678
94,021 94,805 95,595 96,392 97,195 98,005 98,822
52,789 53,229 53,673 54,120 54,571 55,026 55,484

83,765 84,463 85,166 85,876 86,592 87,313 88,041
72,688 73,294 73,905 74,521 75,142 75,768 76,399
83,679 84,376 85,080 85,789 86,503 87,224 87,951
10,257 10,342 10,429 10,515 10,603 10,691 10,781
25,176 25,386 25,597 25,811 26,026 26,243 26,461
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
3,959 3,959 3,959 3,959 3,959 3,959 3,959
349,313 352,049 354,809 357,591 360,396 363,225 366,077

73,377 74,164 74,956 75,755 76,561 77,374 78,194
Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
452,932 456,707 460,513 464,350 468,220 472,122 476,056
158,526 159,847 161,179 162,523 163,877 165,243 166,620
294,406 296,859 299,333 301,828 304,343 306,879 309,436
158,526 159,847 161,179 162,523 163,877 165,243 166,620

87,592 88,322 89,058 89,800 90,548 91,303 92,064
101,346 102,191 103,042 103,901 104,767 105,640 106,520
100,508 101,346 102,191 103,042 103,901 104,767 105,640
447,973 451,706 455,470 459,265 463,093 466,952 470,843

223,786 225,651 227,532 229,428 231,340 233,267 235,211
55,947 56,413 56,883 57,357 57,835 58,317 58,803
89,515 90,260 91,013 91,771 92,536 93,307 94,085
78,325 78,978 79,636 80,300 80,969 81,644 82,324
99,645 100,475 101,313 102,157 103,008 103,867 104,732
55,947 56,413 56,883 57,357 57,835 58,317 58,803

88,775 89,515 90,260 91,013 91,771 92,536 93,307
77,036 77,678 78,325 78,978 79,636 80,300 80,969
88,684 89,423 90,168 90,920 91,677 92,441 93,212
10,870 10,961 11,052 11,144 11,237 11,331 11,425
26,682 26,904 27,128 27,354 27,582 27,812 28,044
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
368,953 371,853 374,777 392,725 395,698 383,696 386,719

79,020 79,853 80,693 66,540 67,394 83,256 84,124
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
480,023 484,023 488,057 492,124 496,225 500,360 504,530
168,008 169,408 170,820 172,243 173,679 175,126 176,585
312,015 314,615 317,237 319,881 322,546 325,234 327,944
168,008 169,408 170,820 172,243 173,679 175,126 176,585

92,831 93,605 94,385 95,171 95,964 96,764 97,570
107,408 108,303 109,205 110,115 111,033 111,958 112,891
106,520 107,408 108,303 109,205 110,115 111,033 111,958
474,767 478,723 482,713 486,735 490,791 494,881 499,005
49%
237,171 239,148 241,141 243,150 245,177 247,220 249,280
59,293 59,787 60,285 60,788 61,294 61,805 62,320
94,869 95,659 96,456 97,260 98,071 98,888 99,712
83,010 83,702 84,399 85,103 85,812 86,527 87,248
105,605 106,485 107,373 108,267 109,170 110,079 110,997
59,293 59,787 60,285 60,788 61,294 61,805 62,320

94,085 94,869 95,659 96,456 97,260 98,071 98,888
81,644 82,324 83,010 83,702 84,399 85,103 85,812
93,989 94,772 95,562 96,358 97,161 97,971 98,787
11,521 11,617 11,713 11,811 11,909 12,009 12,109
28,278 28,513 28,751 28,991 29,232 29,476 29,721
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
3,959 3,959 3,959 3,959 3,959 3,959 3,959
389,767 392,840 395,939 399,064 402,215 405,392 408,596

85,000 85,883 86,773 87,671 88,576 89,489 90,409
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
508,734 512,974 517,249 521,559 525,905 530,288 534,707
178,057 179,541 181,037 182,546 184,067 185,601 187,147
330,677 333,433 336,212 339,013 341,838 344,687 347,560
178,057 179,541 181,037 182,546 184,067 185,601 187,147

98,383 99,203 100,030 100,863 101,704 102,552 103,406
113,832 114,781 115,737 116,702 117,674 118,655 119,643
112,891 113,832 114,781 115,737 116,702 117,674 118,655
503,164 507,357 511,585 515,848 520,146 524,481 528,852

251,357 253,452 255,564 257,694 259,841 262,006 264,190
62,839 63,363 63,891 64,423 64,960 65,502 66,047
100,543 101,381 102,226 103,077 103,936 104,803 105,676
87,975 88,708 89,447 90,193 90,944 91,702 92,466
111,922 112,854 113,795 114,743 115,699 116,663 117,636
62,839 63,363 63,891 64,423 64,960 65,502 66,047

99,712 100,543 101,381 102,226 103,077 103,936 104,803
86,527 87,248 87,975 88,708 89,447 90,193 90,944
99,610 100,440 101,277 102,121 102,972 103,830 104,696
12,210 12,311 12,414 12,517 12,622 12,727 12,833
29,969 30,219 30,471 30,725 30,981 31,239 31,499
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
411,826 430,083 433,368 421,679 425,019 428,386 431,781

91,337 77,273 78,217 94,168 95,128 96,095 97,071
Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23
539,163 543,656 548,186 552,755 557,361 562,006 566,689
188,707 190,280 191,865 193,464 195,076 196,702 198,341
350,456 353,376 356,321 359,290 362,285 365,304 368,348
188,707 190,280 191,865 193,464 195,076 196,702 198,341

104,268 105,137 106,013 106,896 107,787 108,685 109,591
120,640 121,646 122,660 123,682 124,712 125,752 126,800
119,643 120,640 121,646 122,660 123,682 124,712 125,752
533,259 537,703 542,183 546,702 551,258 555,851 560,483

266,391 268,611 270,850 273,107 275,383 277,678 279,992
66,598 67,153 67,712 68,277 68,846 69,419 69,998
106,557 107,445 108,340 109,243 110,153 111,071 111,997
93,237 94,014 94,797 95,587 96,384 97,187 97,997
118,616 119,604 120,601 121,606 122,619 123,641 124,672
66,598 67,153 67,712 68,277 68,846 69,419 69,998

105,676 106,557 107,445 108,340 109,243 110,153 111,071
91,702 92,466 93,237 94,014 94,797 95,587 96,384
105,568 106,448 107,335 108,229 109,131 110,041 110,958
12,940 13,048 13,156 13,266 13,377 13,488 13,601
31,762 32,026 32,293 32,562 32,834 33,107 33,383
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
435,205 438,657 442,138 445,647 449,186 452,755 471,353

98,054 99,046 100,046 101,054 102,071 103,096 89,130
Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
571,411 576,173 580,975 585,816 590,698 595,620 600,584
199,994 201,661 203,341 205,036 206,744 208,467 210,204
371,417 374,512 377,633 380,780 383,954 387,153 390,379
199,994 201,661 203,341 205,036 206,744 208,467 210,204

110,504 111,425 112,354 113,290 114,234 115,186 116,146
127,856 128,922 129,996 131,079 132,172 133,273 134,384
126,800 127,856 128,922 129,996 131,079 132,172 133,273
565,154 569,864 574,613 579,401 584,229 589,098 594,007

282,325 284,678 287,050 289,442 291,854 294,286 296,738
70,581 71,169 71,762 72,360 72,963 73,572 74,185
112,930 113,871 114,820 115,777 116,742 117,714 118,695
98,814 99,637 100,467 101,305 102,149 103,000 103,858
125,710 126,758 127,814 128,880 129,954 131,036 132,128
70,581 71,169 71,762 72,360 72,963 73,572 74,185

111,997 112,930 113,871 114,820 115,777 116,742 117,714
97,187 97,997 98,814 99,637 100,467 101,305 102,149
111,882 112,815 113,755 114,703 115,659 116,622 117,594
13,714 13,828 13,943 14,060 14,177 14,295 14,414
33,661 33,942 34,225 34,510 34,797 35,087 35,380
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
474,982 463,640 467,329 471,049 474,800 478,582 482,395

90,173 106,224 107,283 108,352 109,430 110,516 111,612
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24
605,589 610,635 615,724 620,855 626,029 631,246 636,506
211,956 213,722 215,503 217,299 219,110 220,936 222,777
393,633 396,913 400,220 403,556 406,919 410,310 413,729
211,956 213,722 215,503 217,299 219,110 220,936 222,777

117,114 118,090 119,074 120,066 121,067 122,076 123,093
135,504 136,633 137,771 138,920 140,077 141,244 142,422
134,384 135,504 136,633 137,771 138,920 140,077 141,244
598,957 603,948 608,981 614,056 619,173 624,333 629,536

299,211 301,705 304,219 306,754 309,310 311,888 314,487
74,803 75,426 76,055 76,689 77,328 77,972 78,622
119,684 120,682 121,688 122,702 123,724 124,755 125,795
104,724 105,597 106,477 107,364 108,259 109,161 110,070
133,229 134,340 135,459 136,588 137,726 138,874 140,031
74,803 75,426 76,055 76,689 77,328 77,972 78,622

118,695 119,684 120,682 121,688 122,702 123,724 124,755
103,000 103,858 104,724 105,597 106,477 107,364 108,259
118,574 119,562 120,559 121,563 122,576 123,598 124,628
14,534 14,655 14,777 14,901 15,025 15,150 15,276
35,675 35,972 36,272 36,574 36,879 37,186 37,496
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
486,240 490,118 494,027 497,970 516,945 520,953 509,995

112,717 113,831 114,954 116,087 102,229 103,380 119,541
Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25
641,810 647,159 652,552 657,989 663,473 669,002 674,577
224,634 226,505 228,393 230,296 232,215 234,151 236,102
417,177 420,653 424,158 427,693 431,257 434,851 438,475
224,634 226,505 228,393 230,296 232,215 234,151 236,102

124,119 125,153 126,196 127,248 128,308 129,377 130,455
143,608 144,805 146,012 147,229 148,455 149,693 150,940
142,422 143,608 144,805 146,012 147,229 148,455 149,693
634,782 640,072 645,406 650,784 656,207 661,676 667,190

317,108 319,750 322,415 325,102 327,811 330,543 333,297
79,277 79,938 80,604 81,275 81,953 82,636 83,324
126,843 127,900 128,966 130,041 131,124 132,217 133,319
110,988 111,913 112,845 113,786 114,734 115,690 116,654
141,198 142,375 143,561 144,758 145,964 147,180 148,407
79,277 79,938 80,604 81,275 81,953 82,636 83,324

125,795 126,843 127,900 128,966 130,041 131,124 132,217
109,161 110,070 110,988 111,913 112,845 113,786 114,734
125,666 126,714 127,770 128,834 129,908 130,991 132,082
15,403 15,532 15,661 15,792 15,923 16,056 16,190
37,808 38,124 38,441 38,762 39,085 39,410 39,739
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
3,959 3,959 3,959 3,959 3,959 3,959 3,959
514,070 518,179 522,323 526,501 530,714 534,961 539,245

120,712 121,893 123,083 124,284 125,494 126,714 127,945
Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
680,198 685,866 691,582 697,345 703,156 709,016 714,925
238,069 240,053 242,054 244,071 246,105 248,156 250,224
442,129 445,813 449,528 453,274 457,052 460,860 464,701
238,069 240,053 242,054 244,071 246,105 248,156 250,224

131,542 132,639 133,744 134,858 135,982 137,115 138,258
152,198 153,466 154,745 156,035 157,335 158,646 159,968
150,940 152,198 153,466 154,745 156,035 157,335 158,646
672,750 678,356 684,009 689,709 695,457 701,252 707,096

336,075 338,875 341,699 344,547 347,418 350,313 353,232
84,019 84,719 85,425 86,137 86,854 87,578 88,308
134,430 135,550 136,680 137,819 138,967 140,125 141,293
117,626 118,606 119,595 120,591 121,596 122,610 123,631
149,644 150,891 152,148 153,416 154,694 155,984 157,283
84,019 84,719 85,425 86,137 86,854 87,578 88,308

133,319 134,430 135,550 136,680 137,819 138,967 140,125
115,690 116,654 117,626 118,606 119,595 120,591 121,596
133,183 134,293 135,412 136,540 137,678 138,825 139,982
16,325 16,461 16,598 16,736 16,876 17,016 17,158
40,070 40,404 40,740 41,080 41,422 41,767 42,116
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
543,564 547,919 567,310 571,738 561,203 565,705 570,245

129,186 130,437 116,699 117,971 134,254 135,547 136,851
720,882 726,890 732,947 739,055 745,214 751,424 757,686
252,309 254,411 256,531 258,669 260,825 262,998 265,190
468,573 472,478 476,416 480,386 484,389 488,425 492,496
252,309 254,411 256,531 258,669 260,825 262,998 265,190

139,410 140,572 141,743 142,925 144,116 145,317 146,528
161,301 162,645 164,001 165,367 166,745 168,135 169,536
159,968 161,301 162,645 164,001 165,367 166,745 168,135
712,988 718,930 724,921 730,962 737,053 743,195 749,389

356,176 359,144 362,137 365,155 368,198 371,266 374,360
89,044 89,786 90,534 91,289 92,049 92,816 93,590
142,470 143,658 144,855 146,062 147,279 148,506 149,744
124,662 125,700 126,748 127,804 128,869 129,943 131,026
158,594 159,916 161,248 162,592 163,947 165,313 166,691
89,044 89,786 90,534 91,289 92,049 92,816 93,590

141,293 142,470 143,658 144,855 146,062 147,279 148,506
122,610 123,631 124,662 125,700 126,748 127,804 128,869
141,149 142,325 143,511 144,707 145,913 147,129 148,355
17,301 17,445 17,591 17,737 17,885 18,034 18,184
42,467 42,820 43,177 43,537 43,900 44,266 44,635
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
3,959 3,959 3,959 3,959 3,959 3,959 3,959
574,822 579,438 584,091 588,784 593,516 598,287 603,099

138,166 139,492 140,829 142,178 143,537 144,908 146,290
764,000 770,366 776,786 783,259 789,786 796,368 803,004
267,400 269,628 271,875 274,141 276,425 278,729 281,052
496,600 500,738 504,911 509,119 513,361 517,639 521,953
267,400 269,628 271,875 274,141 276,425 278,729 281,052

147,749 148,980 150,221 151,473 152,736 154,008 155,292
170,949 172,373 173,810 175,258 176,719 178,191 179,676
169,536 170,949 172,373 173,810 175,258 176,719 178,191
755,634 761,931 768,280 774,682 781,138 787,647 794,211

377,480 380,625 383,797 386,995 390,220 393,472 396,751
94,370 95,156 95,949 96,749 97,555 98,368 99,188
150,992 152,250 153,519 154,798 156,088 157,389 158,700
132,118 133,219 134,329 135,448 136,577 137,715 138,863
168,080 169,481 170,893 172,317 173,753 175,201 176,661
94,370 95,156 95,949 96,749 97,555 98,368 99,188

149,744 150,992 152,250 153,519 154,798 156,088 157,389
129,943 131,026 132,118 133,219 134,329 135,448 136,577
149,591 150,838 152,095 153,362 154,640 155,929 157,228
18,336 18,489 18,643 18,798 18,955 19,113 19,272
45,007 45,382 45,760 46,141 46,526 46,913 47,304
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
15,000 15,000
3,959 3,959 3,959 3,959 3,959 3,959 3,959
622,950 627,841 617,774 622,747 627,762 632,819 637,917

132,684 134,089 150,506 151,935 153,376 154,829 156,294
Dec-26 Jan-27
809,696 817,793
283,394 286,228
526,302 531,565
283,394 286,228
156,586 157,891
181,174 182,683
179,676 181,174
800,830 807,976
Dec-26 Jan-27
400,719
100,180
160,287
140,252
178,133
100,180
158,700
137,715
158,538
19,433
47,698
4,500
3,500
6,500
2,500
3,959
643,224
Dec-26
157,606
Actualmente su empresa tiene un préstamo con el Banco Nacional por $250.000 pagando una tasa de interés del 8.5% anual c
CMPD
N= tiempo, # años x m 84
I% Tasa anual 8 Fecha # cuota
PV= Valor Presente 350,000 Oct-18 1
PMT= Cuota o anualidad 3,959 Nov-18 2
FV= Valor Futuro 0 Dec-18 3
P/Y= capitalización (m) 12 Jan-19 4
C/Y= capitalización (m) 12 Feb-19 5
Mar-19 6
Apr-19 7
May-19 8
Jun-19 9
Jul-19 10
Aug-19 11
Sep-19 12
Oct-19 13
Nov-19 14
Dec-19 15
Jan-20 16
Feb-20 17
Mar-20 18
Apr-20 19
May-20 20
Jun-20 21
Jul-20 22
Aug-20 23
Sep-20 24
Oct-20 25
Nov-20 26
Dec-20 27
Jan-21 28
Feb-21 29
Mar-21 30
Apr-21 31
May-21 32
Jun-21 33
Jul-21 34
Aug-21 35
Sep-21 36
Oct-21 37
Nov-21 38
Dec-21 39
Jan-22 40
Feb-22 41
Mar-22 42
Apr-22 43
May-22 44
Jun-22 45
Jul-22 46
Aug-22 47
Sep-22 48
Oct-22 49
Nov-22 50
Dec-22 51
Jan-23 52
Feb-23 53
Mar-23 54
Apr-23 55
May-23 56
Jun-23 57
Jul-23 58
Aug-23 59
Sep-23 60
Oct-23 61
Nov-23 62
Dec-23 63
Jan-24 64
Feb-24 65
Mar-24 66
Apr-24 67
May-24 68
Jun-24 69
Jul-24 70
Aug-24 71
Sep-24 72
Oct-24 73
Nov-24 74
Dec-24 75
Jan-25 76
Feb-25 77
Mar-25 78
Apr-25 79
May-25 80
Jun-25 81
Jul-25 82
Aug-25 83
Sep-25 84
o una tasa de interés del 8.5% anual capitalizable mensualmente a un plazo de 7 años, el cual contrajo en Octubre 2018.
Método Cuota Nivelada

Saldo Inicial Intereses Amortización Cuota Saldo Final CMPD
350,000 2,479 1,480 3,959 348,520 N=
348,520 2,469 1,490 3,959 347,030 I%
347,030 2,458 1,501 3,959 345,529 PV=
345,529 2,447 1,512 3,959 344,017 PMT=
344,017 2,437 1,522 3,959 342,495 FV=
342,495 2,426 1,533 3,959 340,962 P/Y=
340,962 2,415 1,544 3,959 339,418 C/Y=
339,418 2,404 1,555 3,959 337,863
337,863 2,393 1,566 3,959 336,297
336,297 2,382 1,577 3,959 334,720
334,720 2,371 1,588 3,959 333,132
333,132 2,360 1,599 3,959 331,532
331,532 2,348 1,611 3,959 329,921
329,921 2,337 1,622 3,959 328,299
328,299 2,325 1,634 3,959 326,665
326,665 2,314 1,645 3,959 325,020
325,020 2,302 1,657 3,959 323,363
323,363 2,290 1,669 3,959 321,695
321,695 2,279 1,680 3,959 320,014
320,014 2,267 1,692 3,959 318,322
318,322 2,255 1,704 3,959 316,618
316,618 2,243 1,716 3,959 314,901
314,901 2,231 1,729 3,959 313,173
313,173 2,218 1,741 3,959 311,432
311,432 2,206 1,753 3,959 309,679
309,679 2,194 1,766 3,959 307,913
307,913 2,181 1,778 3,959 306,135
306,135 2,168 1,791 3,959 304,344
304,344 2,156 1,803 3,959 302,541
302,541 2,143 1,816 3,959 300,725
300,725 2,130 1,829 3,959 298,896
298,896 2,117 1,842 3,959 297,054
297,054 2,104 1,855 3,959 295,199
295,199 2,091 1,868 3,959 293,331
293,331 2,078 1,881 3,959 291,449
291,449 2,064 1,895 3,959 289,555
289,555 2,051 1,908 3,959 287,647
287,647 2,037 1,922 3,959 285,725
285,725 2,024 1,935 3,959 283,790
283,790 2,010 1,949 3,959 281,841
281,841 1,996 1,963 3,959 279,878
279,878 1,982 1,977 3,959 277,901
277,901 1,968 1,991 3,959 275,911
275,911 1,954 2,005 3,959 273,906
273,906 1,940 2,019 3,959 271,887
271,887 1,926 2,033 3,959 269,854
269,854 1,911 2,048 3,959 267,806
267,806 1,897 2,062 3,959 265,744
265,744 1,882 2,077 3,959 263,667
263,667 1,868 2,091 3,959 261,576
261,576 1,853 2,106 3,959 259,469
259,469 1,838 2,121 3,959 257,348
257,348 1,823 2,136 3,959 255,212
255,212 1,808 2,151 3,959 253,061
253,061 1,793 2,167 3,959 250,894
250,894 1,777 2,182 3,959 248,712
248,712 1,762 2,197 3,959 246,515
246,515 1,746 2,213 3,959 244,302
244,302 1,730 2,229 3,959 242,073
242,073 1,715 2,244 3,959 239,829
239,829 1,699 2,260 3,959 237,568
237,568 1,683 2,276 3,959 235,292
235,292 1,667 2,292 3,959 232,999
232,999 1,650 2,309 3,959 230,691
230,691 1,634 2,325 3,959 228,366
228,366 1,618 2,342 3,959 226,024
226,024 1,601 2,358 3,959 223,666
223,666 1,584 2,375 3,959 221,291
221,291 1,567 2,392 3,959 218,900
218,900 1,551 2,409 3,959 216,491
216,491 1,533 2,426 3,959 214,065
214,065 1,516 2,443 3,959 211,622
211,622 1,499 2,460 3,959 209,162
209,162 1,482 2,478 3,959 206,685
206,685 1,464 2,495 3,959 204,190
204,190 1,446 2,513 3,959 201,677
201,677 1,429 2,531 3,959 199,146
199,146 1,411 2,549 3,959 196,598
196,598 1,393 2,567 3,959 194,031
194,031 1,374 2,585 3,959 191,447
191,447 1,356 2,603 3,959 188,844
188,844 1,338 2,621 3,959 186,222
186,222 1,319 2,640 3,959 183,582
183,582 1,300 2,659 3,959 180,923
o en Octubre 2018.
Fecha # cuota
tiempo, # años x m 84 Oct-18
Tasa anual 8.50% Nov-18
Valor Presente 1,340,000 Dec-18
Cuota o anualidad 21,221 Jan-19
Valor Futuro 0 Feb-19 1
capitalización (m) 12 Mar-19 2
capitalización (m) 12 Apr-19 3
May-19 4
Jun-19 5
Jul-19 6
Aug-19 7
Sep-19 8
Oct-19 9
Nov-19 10
Dec-19 11
Jan-20 12
Feb-20 13
Mar-20 14
Apr-20 15
May-20 16
Jun-20 17
Jul-20 18
Aug-20 19
Sep-20 20
Oct-20 21
Nov-20 22
Dec-20 23
Jan-21 24
Feb-21 25
Mar-21 26
Apr-21 27
May-21 28
Jun-21 29
Jul-21 30
Aug-21 31
Sep-21 32
Oct-21 33
Nov-21 34
Dec-21 35
Jan-22 36
Feb-22 37
Mar-22 38
Apr-22 39
May-22 40
Jun-22 41
Jul-22 42
Aug-22 43
Sep-22 44
Oct-22 45
Nov-22 46
Dec-22 47
Jan-23 48
Feb-23 49
Mar-23 50
Apr-23 51
May-23 52
Jun-23 53
Jul-23 54
Aug-23 55
Sep-23 56
Oct-23 57
Nov-23 58
Dec-23 59
Jan-24 60
Feb-24 61
Mar-24 62
Apr-24 63
May-24 64
Jun-24 65
Jul-24 66
Aug-24 67
Sep-24 68
Oct-24 69
Nov-24 70
Dec-24 71
Jan-25 72
Feb-25 73
Mar-25 74
Apr-25 75
May-25 76
Jun-25 77
Jul-25 78
Aug-25 79
Sep-25 80
Oct-25 81
Nov-25 82
Dec-25 83
Jan-26 84
Método Cuota Nivelada
Saldo Inicial Intereses Amortización Cuota Saldo Final Intereses
2,479
2,469
2,458
2,447
1,340,000 9,492 11,729 21,221 1,328,271 11,928
1,328,271 9,409 11,812 21,221 1,316,458 11,835
1,316,458 9,325 11,896 21,221 1,304,562 11,740
1,304,562 9,241 11,980 21,221 1,292,582 11,645
1,292,582 9,156 12,065 21,221 1,280,517 11,549
1,280,517 9,070 12,151 21,221 1,268,367 11,452
1,268,367 8,984 12,237 21,221 1,256,130 11,355
1,256,130 8,898 12,323 21,221 1,243,807 11,257
1,243,807 8,810 12,411 21,221 1,231,396 11,159
1,231,396 8,722 12,499 21,221 1,218,898 11,059
1,218,898 8,634 12,587 21,221 1,206,311 10,959
1,206,311 8,545 12,676 21,221 1,193,634 10,859
1,193,634 8,455 12,766 21,221 1,180,868 10,757
1,180,868 8,364 12,856 21,221 1,168,012 10,655
1,168,012 8,273 12,947 21,221 1,155,064 10,552
1,155,064 8,182 13,039 21,221 1,142,025 10,448
1,142,025 8,089 13,132 21,221 1,128,894 10,344
1,128,894 7,996 13,225 21,221 1,115,669 10,239
1,115,669 7,903 13,318 21,221 1,102,351 10,133
1,102,351 7,808 13,413 21,221 1,088,938 10,027
1,088,938 7,713 13,508 21,221 1,075,431 9,919
1,075,431 7,618 13,603 21,221 1,061,828 9,811
1,061,828 7,521 13,700 21,221 1,048,128 9,702
1,048,128 7,424 13,797 21,221 1,034,331 9,593
1,034,331 7,327 13,894 21,221 1,020,437 9,482
1,020,437 7,228 13,993 21,221 1,006,444 9,371
1,006,444 7,129 14,092 21,221 992,352 9,259
992,352 7,029 14,192 21,221 978,161 9,146
978,161 6,929 14,292 21,221 963,868 9,033
963,868 6,827 14,393 21,221 949,475 8,918
949,475 6,725 14,495 21,221 934,979 8,803
934,979 6,623 14,598 21,221 920,381 8,687
920,381 6,519 14,702 21,221 905,680 8,570
905,680 6,415 14,806 21,221 890,874 8,453
890,874 6,310 14,911 21,221 875,963 8,334
875,963 6,205 15,016 21,221 860,947 8,215
860,947 6,098 15,123 21,221 845,825 8,095
845,825 5,991 15,230 21,221 830,595 7,974
830,595 5,883 15,338 21,221 815,258 7,852
815,258 5,775 15,446 21,221 799,812 7,729
799,812 5,665 15,556 21,221 784,256 7,605
784,256 5,555 15,666 21,221 768,590 7,481
768,590 5,444 15,777 21,221 752,814 7,356
752,814 5,332 15,888 21,221 736,925 7,229
736,925 5,220 16,001 21,221 720,924 7,102
720,924 5,107 16,114 21,221 704,810 6,974
704,810 4,992 16,228 21,221 688,581 6,845
688,581 4,877 16,343 21,221 672,238 6,715
672,238 4,762 16,459 21,221 655,779 6,585
655,779 4,645 16,576 21,221 639,203 6,453
639,203 4,528 16,693 21,221 622,510 6,320
622,510 4,409 16,811 21,221 605,698 6,187
605,698 4,290 16,931 21,221 588,768 6,052
588,768 4,170 17,050 21,221 571,717 5,917
571,717 4,050 17,171 21,221 554,546 5,780
554,546 3,928 17,293 21,221 537,253 5,643
537,253 3,806 17,415 21,221 519,838 5,504
519,838 3,682 17,539 21,221 502,299 5,365
502,299 3,558 17,663 21,221 484,636 5,225
484,636 3,433 17,788 21,221 466,848 5,083
466,848 3,307 17,914 21,221 448,934 4,941
448,934 3,180 18,041 21,221 430,893 4,798
430,893 3,052 18,169 21,221 412,724 4,653
412,724 2,923 18,297 21,221 394,427 4,508
394,427 2,794 18,427 21,221 376,000 4,361
376,000 2,663 18,558 21,221 357,442 4,214
357,442 2,532 18,689 21,221 338,753 4,065
338,753 2,400 18,821 21,221 319,932 3,916
319,932 2,266 18,955 21,221 300,977 3,765
300,977 2,132 19,089 21,221 281,888 3,613
281,888 1,997 19,224 21,221 262,664 3,461
262,664 1,861 19,360 21,221 243,304 3,307
243,304 1,723 19,497 21,221 223,806 3,152
223,806 1,585 19,636 21,221 204,171 2,996
204,171 1,446 19,775 21,221 184,396 2,839
184,396 1,306 19,915 21,221 164,481 2,681
164,481 1,165 20,056 21,221 144,425 2,521
144,425 1,023 20,198 21,221 124,227 2,361
124,227 880 20,341 21,221 103,887 2,199
103,887 736 20,485 21,221 83,402 2,036
83,402 591 20,630 21,221 62,771 591
62,771 445 20,776 21,221 41,995 445
41,995 297 20,923 21,221 21,072 297
21,072 149 21,072 21,221 0 149
7,406
128,387
123,447
107,650
90,458
71,745
51,378
25,424
Proyecto TIR Io Año 1 Año 2 Año 3 Año 4
A 65% 240,000
B 75% 28,000
C 72% 260,000
D 80% 275,000
E Flujos Reales 220,000 100,000 190,000 210,000 220,000
F Flujos Nominales 350,000 110,000 195,000 210,000 260,000
G 67% 270,000
H Flujos Nominales 280,000 120,000 190,000 210,000 220,000
I Flujos Nominales 290,000 250,000 275,000 285,000 290,000

J 58% 325,000
5% 6% 6.50% 7%
Año 5
Proyecto F
110,000
FNE Real Año 1 = =
(1+0.05)
FNE Real Año 2 = 195,000 =
255,000 (1+0.05) x (1+0.06)
280,000 FNE Real Año 3 = 210,000 =
(1+0.05) x (1+0.06) x (1+0.065)

250,000 FNE Real Año 4 = 260,000 =
330,000 (1+0.05) x (1+0.06) x (1+0.065) x (1+0.07)

FNE Real Año 5 = 280,000 =
7.50% (1+0.05) x (1+0.06) x ( 1+0.065) x (1+0.07) x (1+0.075)
Proyecto E
FNE Real Año 1 = FNE Nominal Año 1 = el flujo es real, no hay que convertirlo =
(1+inflación)
(1+inflación)
(1+inflación)
(1+inflación)
(1+inflación)
Proyecto H
FNE Real Año 120,000
104,762 = = 114,286
1 (1+0.05)
175,202 FNE Real Año 190,000
= = 170,710
2
(1+0.05) x (1+0.06)
177,164 210,000
FNE Real Año
= = 177,164
3 (1+0.05) x (1+0.06)
x (1+0.065)
204,996 220,000
FNE Real Año
= = 173,458
4 (1+0.05) x (1+0.06)
x (1+0.065) x
(1+0.07)
205,362 250,000
FNE Real Año
= = 183,359
5 (1+0.05) x (1+0.06)
x ( 1+0.065) x
(1+0.07) x
(1+0.075)
Proyecto I
250,000
FNE Real Año
= = 238,095
1
100,000 (1+0.05)
FNE Real Año 275,000

= = 247,080
2
190,000 (1+0.05) x (1+0.06)
285,000
FNE Real Año
= = 240,436
3 (1+0.05) x (1+0.06)
210,000 x (1+0.065)
290,000
FNE Real Año
= = 228,649
4 (1+0.05) x (1+0.06)
x (1+0.065) x
220,000 (1+0.07)
330,000
FNE Real Año
= = 242,034
5 (1+0.05) x (1+0.06)
x ( 1+0.065) x
(1+0.07) x
250,000 (1+0.075)
CASH Proyecto E Proyecto F Proyecto H Proyecto I
Cash Flow
I% 0 0 0 0
Csh=D.editor
- Inversión Inicial -250,000 -250,000 -240,000 -280000
+/- FNE Real Año 1 100,000 104,762 114,286 238,095

+/- FNE Real Año 2 190,000 175,202 170,710 247,080
+/- FNE Real Año 3 210,000 177,164 177,164 240,436

+/- FNE Real Año 4 220,000 204,996 173,458 228,649
+/- FNE Real Año 5 225,000 205,362 183,359 242,034

NPV=VAN=valor actual 695,000 610,152 570,630 897,134
IRR=solve, TIR 58% 54% 55% 81%
Inversión
Proyecto TIR
Inicial
I 81% 280,000 280,000
G 67% 260,000 540,000
B 65% 270,000 X
C 62% 260,000 800,000

D 60% 265,000 1,340,000
E 58% 250,000 X
H 55% 240,000 X
F 54% 250,000 X
A 50% 240,000 X
J 50% 275,000 1,075,000
Los proyectos A y B son complementarios con el proyecto H y ambos son mutuamente excluyentes entre si.
El proyecto J es complementario con el proyecto C y el proyecto D es independiente de J.
El proyecto F es complementario con el proyecto B.
El proyecto H y el proyecto E son complementarios entre si, pero el proyecto E es excluyente del proyecto G.
e excluyentes entre si.
uyente del proyecto G.

Estado de resultados Oct-18 Nov-18 Dec-18
Ventas 250,000 275,000 300,000

- Costo mercaderia vendida 134,750 147,000 151,900
= Utilidad Bruta 115,250 128,000 148,100
- Gastos operativos
-Salario neto 48,950 53,845 58,740
-Retenciones 0 6,050 6,655
-Cargas Patronales 0 14,850 16,335
-Alquiler 4,500 4,500 4,500
- Mantenimiento 3,500 3,500 3,500
- Gastos Operativos 6,500 6,500 6,500
- Fletes 2,500 2,500 2,500
- Utilidad antes de impuestos e intereses 49,300 36,255 49,370
-Intereses 1,771 1,755 1,740
- Utilidad antes de impuestos 47,529 34,500 47,630
- Impuesto sobre la renta 30% 14,259 10,350 14,289
= Utilidad neta 33,270 24,150 33,341
Estado de resultados Año 2019 Año 2020 Año 2021
Ventas 4,305,000 5,102,694 5,644,316

- Costo mercaderia vendida 2,153,550 2,524,423 2,788,763
= Utilidad Bruta 2,151,450 2,578,271 2,855,554
- Gastos operativos 0 0 0
-Salario neto 842,919 999,107 1,105,157
-Retenciones 102,003 122,143 135,464
-Cargas Patronales 250,371 299,805 332,502
-Alquiler 54,000 54,000 54,000
- Mantenimiento 42,000 42,000 42,000
- Gastos Operativos 78,000 78,000 78,000
- Fletes 30,000 30,000 30,000
- Utilidad antes de impuestos e intereses 752,157 953,216 1,078,431
-Intereses 119,358 113,621 96,956
- Utilidad antes de impuestos 632,799 839,596 981,476
- Impuesto sobre la renta 189,840 251,879 294,443
= Utilidad neta 442,959 587,717 687,033
Flujo neto de efectivo real 442,959 587,717 687,033

Inflacion anual 5% 6% 6.50%
Flujo neto de efectivo real 421,866 528,048 579,606
Tasa de corte solicitada por los inversionistas 20% 15%

Inversion inicial -1,690,000 -1,690,000
Flujo neto de efectivo real año 1 421,866 421,866
VAN 470,723 864,698
TIR 29.43% 29.43%
Periodo de recuperacion
Inversion inicial 1,690,000
- Flujo neto de efectivo real año 1 421,866
= Saldo final año 1 1,268,134
= Saldo final año 2 740,087
= Saldo final año 3 160480.70
465,332.57
310,000 320,000 320,000 340,000 350,000 360,000 365,000

156,800 156,800 166,600 171,500 176,400 178,850 183,750
153,200 163,200 153,400 168,500 173,600 181,150 181,250
60,698 62,656 62,656 66,572 68,530 70,488 71,467

7,260 7,502 7,744 7,744 8,228 8,470 8,712
17,820 18,414 19,008 19,008 20,196 20,790 21,384
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
50,422 57,628 46,992 58,176 59,646 64,402 62,687
1,724 11,200 11,101 11,001 10,901 10,800 10,698
48,698 46,428 35,891 47,175 48,745 53,602 51,989
14,609 13,928 10,767 14,152 14,624 16,081 15,597
34,089 32,500 25,124 33,022 34,122 37,522 36,393
Año 2022 Año 2023 Año 2024 Año 2025 Año 2026
6,235,350 6,888,273 7,609,565 8,406,386 9,286,644

3,080,783 3,403,381 3,759,759 4,153,455 4,589,037
3,154,568 3,484,892 3,849,806 4,252,931 4,697,607
0 0 0 0 0
1,220,882 1,348,724 1,489,953 1,645,970 1,818,325
149,648 165,319 182,630 201,753 222,879
367,319 405,782 448,273 495,213 547,068
54,000 54,000 54,000 54,000 54,000
42,000 42,000 42,000 42,000 42,000
78,000 78,000 78,000 78,000 78,000
30,000 30,000 30,000 30,000 30,000
1,212,719 1,361,068 1,524,951 1,705,995 1,905,335
78,817 59,076 37,590 14,288 149
1,133,901 1,301,992 1,487,361 1,691,706 1,905,185
340,170 390,598 446,208 507,512 571,556
793,731 911,394 1,041,153 1,184,194 1,333,630
793,731 911,394 1,041,153 1,184,194 1,333,630

7% 7.50% 7.50% 7.50% 7.50%
625,813 668,451 710,345 751,569 787,359

TIR TC
29% mayor 20%
29% mayor 15% En ambos casos se acepta el proyecto
3 años completos 1 meses

375,000 385,000 390,000 400,000 390,000 400,000 410,000

188,650 191,100 196,000 191,100 196,000 200,900 202,574
186,350 193,900 194,000 208,900 194,000 199,100 207,426
73,425 75,383 76,362 78,320 76,362 78,320 80,278

8,833 9,075 9,317 9,438 9,680 9,438 9,680
21,681 22,275 22,869 23,166 23,760 23,166 23,760
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
65,411 70,167 68,452 80,976 67,198 71,176 76,708
10,595 10,492 10,388 10,283 10,177 10,071 9,964
54,816 59,675 58,064 70,693 57,021 61,105 66,744
16,445 17,903 17,419 21,208 17,106 18,331 20,023
38,371 41,773 40,645 49,485 39,914 42,773 46,721
413,417 416,862 420,336 423,838 427,370 430,932 434,523

204,262 205,964 207,681 209,412 211,157 212,916 214,691
209,154 210,897 212,655 214,427 216,214 218,016 219,832
80,947 81,622 82,302 82,988 83,679 84,376 85,080

9,922 10,005 10,088 10,172 10,257 10,342 10,429
24,354 24,557 24,762 24,968 25,176 25,386 25,597
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
76,931 77,714 78,503 79,299 80,102 80,911 81,727
9,856 9,748 9,638 9,528 9,418 9,306 9,193
67,075 67,966 68,865 69,771 70,684 71,605 72,533
20,123 20,390 20,659 20,931 21,205 21,482 21,760
46,953 47,576 48,205 48,840 49,479 50,124 50,773
438,144 441,795 445,477 449,189 452,932 456,707 460,513

216,480 218,284 220,103 221,937 223,786 225,651 227,532
221,664 223,512 225,374 227,252 229,146 231,056 232,981
85,789 86,503 87,224 87,951 88,684 89,423 90,168

10,515 10,603 10,691 10,781 10,870 10,961 11,052
25,811 26,026 26,243 26,461 26,682 26,904 27,128
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
82,550 83,379 84,216 85,059 85,910 86,767 87,632
9,080 8,966 8,851 8,736 8,619 8,502 8,384
73,469 74,413 75,364 76,324 77,290 78,265 79,248
22,041 22,324 22,609 22,897 23,187 23,480 23,774
51,429 52,089 52,755 53,426 54,103 54,786 55,474
464,350 468,220 472,122 476,056 480,023 484,023 488,057

229,428 231,340 233,267 235,211 237,171 239,148 241,141
234,923 236,880 238,854 240,845 242,852 244,875 246,916
90,920 91,677 92,441 93,212 93,989 94,772 95,562

11,144 11,237 11,331 11,425 11,521 11,617 11,713
27,354 27,582 27,812 28,044 28,278 28,513 28,751
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
88,504 89,383 90,270 91,164 92,065 92,974 93,890
8,265 8,145 8,024 7,903 7,780 7,657 7,533
80,239 81,238 82,245 83,261 84,285 85,317 86,357
24,072 24,371 24,674 24,978 25,285 25,595 25,907
56,167 56,867 57,572 58,283 58,999 59,722 60,450
492,124 496,225 500,360 504,530 508,734 512,974 517,249

243,150 245,177 247,220 249,280 251,357 253,452 255,564
248,974 251,049 253,141 255,250 257,377 259,522 261,685
96,358 97,161 97,971 98,787 99,610 100,440 101,277

11,811 11,909 12,009 12,109 12,210 12,311 12,414
28,991 29,232 29,476 29,721 29,969 30,219 30,471
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
94,814 95,746 96,686 97,633 98,588 99,552 100,523
7,408 7,282 7,155 7,028 6,899 6,770 6,639
87,406 88,464 89,530 90,605 91,689 92,782 93,884
26,222 26,539 26,859 27,182 27,507 27,835 28,165
61,184 61,925 62,671 63,424 64,182 64,947 65,719
521,559 525,905 530,288 534,707 539,163 543,656 548,186

257,694 259,841 262,006 264,190 266,391 268,611 270,850
263,865 266,064 268,281 270,517 272,771 275,045 277,337
102,121 102,972 103,830 104,696 105,568 106,448 107,335

12,517 12,622 12,727 12,833 12,940 13,048 13,156
30,725 30,981 31,239 31,499 31,762 32,026 32,293
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
101,502 102,490 103,485 104,489 105,502 106,523 107,552
6,508 6,376 6,242 6,108 5,973 5,837 5,700
94,994 96,114 97,243 98,381 99,529 100,686 101,852
28,498 28,834 29,173 29,514 29,859 30,206 30,556
66,496 67,280 68,070 68,867 69,670 70,480 71,296
552,755 557,361 562,006 566,689 571,411 576,173 580,975

273,107 275,383 277,678 279,992 282,325 284,678 287,050
279,648 281,978 284,328 286,697 289,087 291,496 293,925
108,229 109,131 110,041 110,958 111,882 112,815 113,755

13,266 13,377 13,488 13,601 13,714 13,828 13,943
32,562 32,834 33,107 33,383 33,661 33,942 34,225
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
108,590 109,637 110,692 111,756 112,829 113,911 115,002
5,562 5,423 5,283 5,142 5,000 4,857 4,713
103,028 104,213 105,409 106,614 107,829 109,053 110,288
30,908 31,264 31,623 31,984 32,349 32,716 33,087
72,120 72,949 73,786 74,630 75,480 76,337 77,202
585,816 590,698 595,620 600,584 605,589 610,635 615,724

289,442 291,854 294,286 296,738 299,211 301,705 304,219
296,374 298,844 301,334 303,845 306,377 308,931 311,505
114,703 115,659 116,622 117,594 118,574 119,562 120,559

14,060 14,177 14,295 14,414 14,534 14,655 14,777
34,510 34,797 35,087 35,380 35,675 35,972 36,272
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
116,102 117,211 118,329 119,457 120,594 121,741 122,897
4,568 4,422 4,275 4,127 3,978 3,828 3,677
111,533 112,789 114,054 115,330 116,616 117,913 119,220
33,460 33,837 34,216 34,599 34,985 35,374 35,766
78,073 78,952 79,838 80,731 81,631 82,539 83,454
620,855 626,029 631,246 636,506 641,810 647,159 652,552

306,754 309,310 311,888 314,487 317,108 319,750 322,415
314,101 316,718 319,358 322,019 324,702 327,408 330,137
121,563 122,576 123,598 124,628 125,666 126,714 127,770

14,901 15,025 15,150 15,276 15,403 15,532 15,661
36,574 36,879 37,186 37,496 37,808 38,124 38,441
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
124,063 125,238 126,424 127,619 128,824 130,039 131,265
3,525 3,371 3,217 3,061 2,904 2,747 2,588
120,538 121,867 123,207 124,558 125,920 127,293 128,677
36,162 36,560 36,962 37,367 37,776 38,188 38,603
84,377 85,307 86,245 87,191 88,144 89,105 90,074
657,989 663,473 669,002 674,577 680,198 685,866 691,582

325,102 327,811 330,543 333,297 336,075 338,875 341,699
332,888 335,662 338,459 341,280 344,124 346,991 349,883
128,834 129,908 130,991 132,082 133,183 134,293 135,412

15,792 15,923 16,056 16,190 16,325 16,461 16,598
38,762 39,085 39,410 39,739 40,070 40,404 40,740
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
132,500 133,746 135,002 136,269 137,546 138,834 140,133
2,428 2,267 2,104 1,941 1,776 1,610 1,443
130,073 131,480 132,898 134,328 135,770 137,224 138,689
39,022 39,444 39,869 40,298 40,731 41,167 41,607
91,051 92,036 93,029 94,030 95,039 96,057 97,082
697,345 703,156 709,016 714,925 720,882 726,890 732,947

344,547 347,418 350,313 353,232 356,176 359,144 362,137
352,799 355,739 358,703 361,692 364,706 367,746 370,810
136,540 137,678 138,825 139,982 141,149 142,325 143,511

16,736 16,876 17,016 17,158 17,301 17,445 17,591
41,080 41,422 41,767 42,116 42,467 42,820 43,177
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
141,442 142,762 144,094 145,436 146,790 148,155 149,531
1,275 1,106 935 764 591 445 297
140,167 141,656 143,158 144,673 146,199 147,710 149,234
42,050 42,497 42,948 43,402 43,860 44,313 44,770
98,117 99,160 100,211 101,271 102,339 103,397 104,464
739,055 745,214 751,424 757,686 764,000 770,366 776,786

365,155 368,198 371,266 374,360 377,480 380,625 383,797
373,900 377,016 380,158 383,326 386,520 389,741 392,989
144,707 145,913 147,129 148,355 149,591 150,838 152,095

17,737 17,885 18,034 18,184 18,336 18,489 18,643
43,537 43,900 44,266 44,635 45,007 45,382 45,760
4,500 4,500 4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500 2,500 2,500
150,919 152,318 153,729 155,152 156,587 158,033 159,492
149
150,770 152,318 153,729 155,152 156,587 158,033 159,492
45,231 45,695 46,119 46,546 46,976 47,410 47,848
105,539 106,623 107,610 108,606 109,611 110,623 111,644
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27
783,259 789,786 796,368 803,004 809,696 817,793

386,995 390,220 393,472 396,751 400,719 0
396,264 399,566 402,896 406,253 408,977 817,793
153,362 154,640 155,929 157,228 158,538

18,798 18,955 19,113 19,272 19,433
46,141 46,526 46,913 47,304 47,698
4,500 4,500 4,500 4,500 4,500
3,500 3,500 3,500 3,500 3,500
6,500 6,500 6,500 6,500 6,500
2,500 2,500 2,500 2,500 2,500
160,962 162,445 163,941 165,449 166,308
160,962 162,445 163,941 165,449 166,308

48,289 48,734 49,182 49,635 49,892
112,674 113,712 114,759 115,814 116,415

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Caso Financiero:

El Departamento de crédito proyecta que las ventas de contado serían

Actualmente su empresa tiene un préstamo con el Banco Nacional por $350.000

30 días, otro 35% a 60

019 por $150.000 y se

nciones por pagar son

o se esperan que sean

Nacional por $350.000

Paso No. 2, montar los Ingresos

Paso No.3, montar el cuadro de Compras y Salarios

Paso No. 4, calcular el total de egresos

Paso No. 5, calcular la Utilidad neta

contado 30d 60d 90d

87,500 145,000 215,500 286,438 433,263 313,175 474,725

contado 30d 60d

3,959 3,959 3,959 3,959 3,959 3,959 3,959

103,597 186,354 246,627 258,147 264,616 269,617 278,678

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19

122,500 126,000 127,750 131,250 134,750 136,500 140,000

334,400 344,400 354,925 363,950 372,813 379,925 388,950

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

44,100 44,713 45,938 47,163 47,775 49,000 47,775

303,923 311,005 301,740 308,158 315,240 320,975 324,943

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

136,500 140,000 143,500 144,696 145,902 147,117 148,343

390,813 395,775 401,225 404,371 410,793 415,733 419,197

Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

49,000 50,225 50,644 51,066 51,491 51,920 52,353

324,801 327,393 334,281 338,592 341,239 358,908 361,600

Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

149,580 150,826 152,083 153,350 154,628 155,917 157,216

422,691 426,213 429,765 433,346 436,957 440,599 444,270

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

52,789 53,229 53,673 54,120 54,571 55,026 55,484

3,959 3,959 3,959 3,959 3,959 3,959 3,959

349,313 352,049 354,809 357,591 360,396 363,225 366,077

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

158,526 159,847 161,179 162,523 163,877 165,243 166,620

447,973 451,706 455,470 459,265 463,093 466,952 470,843

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

55,947 56,413 56,883 57,357 57,835 58,317 58,803

368,953 371,853 374,777 392,725 395,698 383,696 386,719

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

168,008 169,408 170,820 172,243 173,679 175,126 176,585

474,767 478,723 482,713 486,735 490,791 494,881 499,005

59,293 59,787 60,285 60,788 61,294 61,805 62,320

3,959 3,959 3,959 3,959 3,959 3,959 3,959

389,767 392,840 395,939 399,064 402,215 405,392 408,596

Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22

178,057 179,541 181,037 182,546 184,067 185,601 187,147

503,164 507,357 511,585 515,848 520,146 524,481 528,852

Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22

62,839 63,363 63,891 64,423 64,960 65,502 66,047

411,826 430,083 433,368 421,679 425,019 428,386 431,781

Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22

188,707 190,280 191,865 193,464 195,076 196,702 198,341

533,259 537,703 542,183 546,702 551,258 555,851 560,483

Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23

66,598 67,153 67,712 68,277 68,846 69,419 69,998

435,205 438,657 442,138 445,647 449,186 452,755 471,353

Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23

199,994 201,661 203,341 205,036 206,744 208,467 210,204

565,154 569,864 574,613 579,401 584,229 589,098 594,007

Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23