Proyecto S.A.PROYECTO S.AVida Econmica Proyecto5aosIngresos
anuales$ 75,0001er ao30%2do ao60%3er80%4er-5to ao100%Costos
Produccin anual$ 20,000costo variableCostos Operacin$ 15,000Tasa
Impuesto Utilidades30%Inv.Fija Tangible$ 35,000se deprecia
al15%anualInv.Fija Intangbl$ 20,000se amortiza en lnea
rectaInv.Cap.Trabajo$ 15,000COK=15%2 Fuentes Financieras:Bco
Crdito:45%Inversin Total40%Tasa IntersCuotas FijasBco
Wiese:35%Inversin Total30%Tasa IntersCuotas Decrecientesa)
Inversiones y FinanciamientoConceptoInversinAccionistasBco
CrditoBco WieseInv.Fija Tangible$ 35,000$ 7,000$ 15,750$ 12,250Se
deprecia al15%anual:$ 5,250/ao (depreciacin)Inv.Fija Intangbl$
20,000$ 4,000$ 9,000$ 7,000Se amortiza en lnea recta:$ 4,000/ao
(amortizacin)Inv.Cap.Trabajo$ 15,000$ 3,000$ 6,750$ 5,250Total$
70,000$ 14,000$ 31,500$ 24,500100%20%45%35%Estructura de
FinanciamientoForma de pagoBco
CrditoPlazo5aosTasa40%ModalidadCuotas Fijas=A/PPrstamo:$
31,500SaldoIntersAmortizacinCuota1$ 31,500$ 12,600$ 2,877.87$
15,477.872$ 28,622.13$ 11,448.85$ 4,029.02$ 15,477.873$ 24,593.12$
9,837.25$ 5,640.62$ 15,477.874$ 18,952.49$ 7,581$ 7,896.87$
15,477.875$ 11,055.62$ 4,422.25$ 11,055.62$ 15,477.87$ 114,723.36$
45,889.34$ 31,500$ 77,389.34Bco WiesePlazo5Tasa30%ModalidadCuotas
Decrecientes(Amortiz=P/n cte)Prstamo:$
24,500SaldoIntersAmortizacinCuota1$ 24,500$ 7,350$ 4,900$ 12,2502$
19,600$ 5,880$ 4,900$ 10,7803$ 14,700$ 4,410$ 4,900$ 9,3104$ 9,800$
2,940$ 4,900$ 7,8405$ 4,900$ 1,470$ 4,900$ 6,370$ 73,500$ 22,050$
24,500$ 46,550b) Estados Financieros* Ingresos AnualesAo 1Ao 2Ao
3Ao 4Ao 5%30%60%80%100%100%Ingresos Anuales$ 75,000$ 75,000$
75,000$ 75,000$ 75,000CostosProd.anual$ 20,000$ 20,000$ 20,000$
20,000$ 20,000por lo tanto:Ingresos Anuales$ 22,500$ 45,000$
60,000$ 75,000$ 75,000CostosProd.anual$ 6,000$ 12,000$ 16,000$
20,000$ 20,000* Valor Residual:Inv.Fija Tangible se deprecia$
5,250cada ao (valor de la inv:$ 35,000)=> Valor Residual
=8750Estado de Ganancias y PrdidasFlujo de CajaSin
FinanciamientoSin FinanciamientoConceptoAo 1Ao 2Ao 3Ao 4Ao
5ConceptoAo 0Ao 1Ao 2Ao 3Ao 4Ao 5(+)Ingresos$ 22,500$ 45,000$
60,000$ 75,000$ 75,000Ingresos(+)Valor Residual$ 8,750(+)Ing(Vtas)$
22,500$ 45,000$ 60,000$ 75,000$ 75,000(-)CostoProduccin-$ 6,000-$
12,000-$ 16,000-$ 20,000-$ 20,000(+)Valor Residual$ 8,750Utilidad
Bruta$ 16,500$ 33,000$ 44,000$ 55,000$
63,750Egresos(-)CostosOperativos-$ 15,000-$ 15,000-$ 15,000-$
15,000-$ 15,000(-)CostoProduccin-$ 6,000-$ 12,000-$ 16,000-$
20,000-$ 20,000UtilidadOperativa$ 1,500$ 18,000$ 29,000$ 40,000$
48,750(-)CostosOperativos-$ 15,000-$ 15,000-$ 15,000-$ 15,000-$
15,000(-)Depreciacin-$ 5,250-$ 5,250-$ 5,250-$ 5,250-$
5,250(-)Impuesto(40%)$ 0-$ 2,625-$ 5,925-$ 9,225-$
11,850(-)Amortizacin-$ 4,000-$ 4,000-$ 4,000-$ 4,000-$
4,000InversinUt.Antes Imptos-$ 7,750$ 8,750$ 19,750$ 30,750$
39,500(-)Tangible-$ 35,000(-)Impuesto(40%)$ 0-$ 2,625-$ 5,925-$
9,225-$ 11,850(-)Intangible-$ 20,000Utilidad Neta-$ 7,750$ 6,125$
13,825$ 21,525$ 27,650(-)Cap.Trabajo-$ 15,000(+)RecupCapTrabajo$
15,000Flujo Econmico-$ 70,000$ 1,500$ 15,375$ 23,075$ 30,775$
51,900Con FinanciamientoConceptoAo 1Ao 2Ao 3Ao 4Ao 5Con
FinanciamientoU.Ant.Imptos&Intereses-$ 7,750$ 8,750$ 19,750$
30,750$ 39,500(-)IntersBcoCrdito-$ 12,600-$ 11,448.85-$ 9,837.25-$
7,581-$ 4,422.25ConceptoAo 0Ao 1Ao 2Ao 3Ao 4Ao 5(-)IntersBcoWiese-$
7,350-$ 5,880-$ 4,410-$ 2,940-$ 1,470Flujo Econmico-$ 70,000$
1,500$ 15,375$ 23,075$ 30,775$ 51,900Ut.Antes Imptos-$ 27,700-$
8,578.85$ 5,502.75$ 20,229$ 33,607.75(-)CuotaBcoCrdito-$
15,477.87-$ 15,477.87-$ 15,477.87-$ 15,477.87-$
15,477.87(-)Impuesto(40%)$ 0$ 0-$ 1,650.83-$ 6,068.7-$
10,082.33(-)CuotaBcoWiese-$ 12,250-$ 10,780-$ 9,310-$ 7,840-$
6,370Utilidad Neta-$ 27,700-$ 8,578.85$ 3,851.93$ 14,160.3$
23,525.43(+)AF2$ 0$ 2,625$ 4,274.17$ 3,156.3$ 1,767.67(+)Prstamo$
56,000Flujo Financiero-$ 14,000-$ 26,227.87-$ 8,257.87$ 2,561.31$
10,613.43$ 31,819.81*Ahorro Fiscal 2T (t*UAIntImp)$ 0$ 2,625$
5,925$ 9,225$ 11,850-T' (t*UAI c/f)$ 0$ 0-$ 1,650.83-$ 6,068.7-$
10,082.33AF2$ 0$ 2,625$ 4,274.17$ 3,156.3$ 1,767.67d) Proyecto
Factible?COK =15%AoFlujo EconmicoFlujo FinancieroFactorVANEVANF0-$
70,000-$ 14,0001.00-$ 70,000-$ 14,0001$ 1,500-$ 26,227.870.87$
1,304.35-$ 22,806.842$ 15,375-$ 8,257.870.76$ 11,625.71-$
6,244.143$ 23,075$ 2,561.310.66$ 15,172.19$ 1,684.14$ 30,775$
10,613.430.57$ 17,595.71$ 6,068.265$ 51,900$ 31,819.810.50$
25,803.47$ 15,820.07$ 1,501.42-$ 19,478.55TIRE=15.65%rentablese
acepta proyectose rechaza financiamientoTIRF=-1.96%no rentableNo
factiblec) Balance General ProyectadoAo 0Ao 1Ao 2Ao 3Ao 4Ao
5ActivoCaja0-$ 26,227.87-$ 34,485.74-$ 31,924.43-$ 21,311$
10,508.8Tangible$ 35,000$ 29,750$ 24,500$ 19,250$ 14,000$
8,750Intangible$ 20,000$ 16,000$ 12,000$ 8,000$ 4,0000Inventario$
15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000Total Activo$ 70,000$
34,522.13$ 17,014.26$ 10,325.57$ 11,689$ 34,258.8Pasivo y
PatrimonioCuotas x Pagar$ 56,000$ 48,222.13$ 39,293.12$ 28,752.49$
15,955.62188223.3592Capital social$ 14,000$ 14,000$ 14,000$ 14,000$
14,000$ 14,000Utilidades Retenidas-$ 27,700-$ 36,278.85-$
32,426.92-$ 18,266.62-$ 167,964.56Total Pasivo y Patrimonio$
70,000$ 34,522.13$ 17,014.26$ 10,325.57$ 11,689$
34,258.8ndicesLiquidezdebe ser- Liquidez
Corriente0.2678571429-0.2328364267-0.4959071696-0.5886248817-0.39553472940.1355241124>
2- Liquidez
cida0-0.5438969213-0.877653437-1.1103187867-1.33564232210.0558315595>=
1- Inventario a
Cap.Trab.-0.3658536585-0.252312868-0.2551938216-0.3283933866-0.6736540287-0.0921859753=
75%
Franco Cevallos:UAI
