SIN DEUDA

ESTADO DE RESULTADOS

VENTAS 500
COSTO DE VENTAS -280
UTILIDAD BRUTA 220
GASTOS ADMINISTRATIVOS -20
GASTOS DE VENTA -30
UTILIDAD OPERATIVA 170
GAST FINANCIEROS 0
UADI 170
IMPTO RENTA -50.15 29.50%
UTILIDAD NETA 119.85

ACTIVOS 400 DEUDAS 0

CAPITAL 400

ROE 29.96%

ROA 0.299625
CON DEUDA
ESTADO DE RESULTADOS

VENTAS 500
COSTO DE VENTAS -280
UTILIDAD BRUTA 220
GASTOS ADMINISTRATIVOS -20
GASTOS DE VENTA -30
UTILIDAD OPERATIVA 170
GAST FINANCIEROS -20
UADI 150
IMPTO RENTA -45
UTILIDAD NETA 105

ACTIVOS 400 DEUDA 200

CAPITAL 200

ROE 52.50%

ROA 0.2625
 LEASING =

CASO 1 Leasing
33.3333333
activo fijo = ### sin igv
2 años 2018 y 2019 50%
24 cuotas
te mensual 5%
opcion de compra = s/20 000.00
tasa depreciacion = 10%

6201.35821 d = p (1-(1+i)^(-n) / i

21000 0.68993209
P S/30,437.78

DEUDA INTERESES PAGO AMORTIZAC

1 ### S/21,310.07 S/30,437.78 S/9,127.71
2 ### S/20,853.68 S/30,437.78 S/9,584.10
3 ### S/20,374.48 S/30,437.78 S/10,063.30
4 ### S/19,871.31 S/30,437.78 S/10,566.47
5 ### S/19,342.99 S/30,437.78 S/11,094.79
6 ### S/18,788.25 S/30,437.78 S/11,649.53
7 ### S/18,205.77 S/30,437.78 S/12,232.00
8 ### S/17,594.17 S/30,437.78 S/12,843.61
9 ### S/16,951.99 S/30,437.78 S/13,485.79
10 ### S/16,277.70 S/30,437.78 S/14,160.07
11 ### S/15,569.70 S/30,437.78 S/14,868.08
12 ### S/14,826.30 S/30,437.78 S/15,611.48
13 ### S/14,045.72 S/30,437.78 S/16,392.06
14 ### S/13,226.12 S/30,437.78 S/17,211.66
15 ### S/12,365.54 S/30,437.78 S/18,072.24
16 ### S/11,461.92 S/30,437.78 S/18,975.85
17 ### S/10,513.13 S/30,437.78 S/19,924.65
18 ### S/9,516.90 S/30,437.78 S/20,920.88
19 ### S/8,470.85 S/30,437.78 S/21,966.92
20 ### S/7,372.51 S/30,437.78 S/23,065.27
21 ### S/6,219.25 S/30,437.78 S/24,218.53
22 ### S/5,008.32 S/30,437.78 S/25,429.46
23 S/74,736.91 S/3,736.85 S/30,437.78 S/26,700.93
24 S/48,035.98 S/2,401.80 S/30,437.78 S/28,035.98

S/406,201.36
luego S/20,000.00 opcion compra
 factoring 150000

Estado de Resultados 2018 (con leasing) Estado de Resultados 2018 (sin leasi

Ventas S/18,000,000.00 Ventas

Costo de Ven -S/9,200,000.00 Costo de Ventas
Utilidad Brut S/8,800,000.00 Utilidad Bruta
Gadministrat S/2,000,000.00 Gadministrativo
Gventa S/1,200,000.00 Gventa
U. Operativa S/5,600,000.00 U. Operativa
g.financieros -S/219,966.42 g.financieros
depreciacion -S/210,000.00 50% depreciacion
UADI S/5,170,033.58 UADI
I RENTA -S/1,525,159.91 -S/114,450.09 I RENTA
U NETA S/3,644,873.68 U NETA

###
de Resultados 2018 (sin leasing)

S/18,000,000.00
-S/9,200,000.00
S/8,800,000.00
S/2,000,000.00
S/1,200,000.00
S/5,600,000.00
S/0.00
-S/42,000.00
S/5,558,000.00
-S/1,639,610.00
S/3,918,390.00
 MITOS Y LEYENDAS

ESTRUCTURA DE CAPITAL
Equity = ### cok 8%
Deuda = S/40,000.00 tasa banco 5%

tasa de descuento = E X cok + D

wacc cppc D + E D+ E

cok > tasa bancos tasa riks free = sin riesgo

banco = risk free + riesgo
cok empresa =

1ER MITO
riesgo ===== COSTOS FIJOS ### AL MES

2DO MITO
Que le da un valor a la empresa ?.... Estructura Capital

flujo de caja libre capacidad de vender y cobrar

 Riesgo ??

X % BANCOS * (1-0.295)

asa riks free = sin riesgo

anco = risk free + riesgo
risk free + riesgo + riesgo

a b
structura Capital equity ### vale mas equity S/50,000.00
deuda S/10,000.00 deuda S/60,000.00