Resultado Guías de Ejercicios(1).xlsx

7/25/2019 Resultado Guas de Ejercicios(1).xlsx

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Valor compra 5,000

Valor residual 1,000Plazo de la depreciacin normal 5 aos

Plazo de la depreciacin acelerada 2 aos

Vida til del activo es de 5 aos

Clculo de la DepreciacinDepreciacin Normal 800 anuales

Depreciacin Acelerada 2000 anuales

Elaboracin del Valor Libro

1. Con depreciacin normalAos 0 1 2 3Valor inicial 5,000 ,200 !,00

Depreciacin "800 "800 "800

Valor #nal 5,000 ,200 !,00 2,$00

%upondremos una venta el !& aos a un precio de '(000( %i la tasa de imp

calcule el *u+o de ca+a de la venta del activo(

Flujo de caja de la en!a del ac!io"

a. Valor en!a sobre el alor libro b. Valor en! -n.reso por venta ,000 -n./" osto del activo "2,$00 /"

# $esul!ado an!es de impues!o 1%&00 # $esul!ado an!es25) /" -mpuesto "!50 25)

# $esul!ado despu's de impues!o 1%0(0 # $esul!ado despu's

osto 2,$00

# Flujo de caja de la en!a 3%)(0 # Flujo de caj

2. Con depreciacin acelerada

Aos 0 1 2 3Valor inicial 5,000 !,000 1,000Depreciacin "2000 "2000

Valor #nal 5,000 !,000 1,000 1,000

1( alcule la depreciacin lineal el valor li3ro de 4orma normal acelera-VA, su valor residual es de 1(000 el periodo de depreciacin normal acde vida til de 5 aos(


2/42

& (2,$00 1,800

"800 "800

1,800 1,000

uesto es del 25),

a bajo el alor libro eso por venta 2,000 sto del activo "2,$00

de impues!o *)00/" -mpuesto 150

de impues!o *&(0

osto 2,$00

de la en!a 2%1(0

& (1,000 1,000

1,000 1,000

da para un activo cuo valor de compra es por '5(000 lerada es de 5 2 aos respectivamente con un periodo


3/42

Plazo depreciacin normal $ aosPlazo depreciacin aceler( 2 aos

-nversin inicial 1,00

Ventas 1,500

ostos 500

-mpuesto 20)

10)

Ealuacin * Depreciacin normalDepreciacin normal 2!!(!

+!ems,Aos 0 1 2 3-nv(-nic( "1,00(0 -n.resos 1,500(0 1,500(0 1,500(0

/" ostos "500(0 "500(0 "500(0

/" Depreciacin "2!!(! "2!!(! "2!!(!

# $es.a,-mp!o. )). )). ))./" impto( "15!(! "15!(! "15!(!

# $es.d,-mp!o. )13.3 )13.3 )13.3 Deprec( 2!!(! 2!!(! 2!!(!

# FC *1%&00.0 /&). /&). /&)."1,00(0 6$7(6 $77(6 $!$(1

2,286(5

V(A(N( / 9 10) 2,286(5

:-; 5$(!)

Depreciacin acelerada 600(0

+!ems,Aos 0 1 2 3-nv(-nic( "1,00(0

-n.resos 1,500(0 1,500(0 1,500(0

/" ostos "500(0 "500(0 "500(0

/" Depreciacin "600(0 "600(0

# $es.a,-mp!o. 300.0 300.0 1%000.0/" impto( "$0(0 "$0(0 "200(0

# $es.d,-mp!o. 2&0.0 2&0.0 /00.0 Deprec( 600(0 600(0 0(0

# FC *1%&00.0 &0.0 &0.0 /00.0"1,00(0 85(5 66$(7 $01(1

2,!26(2

V(A(N( / 9 10) 2,!26(2

2( %upon.o un proecto de inversin por '1(00


4/42

:-; 57(8)


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& ( )

1,500(0 1,500(0 1,500(0

"500(0 "500(0 "500(0

"2!!(! "2!!(! "2!!(!

)). )). ))."15!(! "15!(! "15!(!

)13.3 )13.3 )13.32!!(! 2!!(! 2!!(!

/&). /&). /&).568(! 525(6 66(7

& ( )

1,500(0 1,500(0 1,500(0

"500(0 "500(0 "500(0

1%000.0 1%000.0 1%000.0"200(0 "200(0 "200(0

/00.0 /00.0 /00.00(0 0(0 0(0

/00.0 /00.0 /00.05$( 7$(6 51($

tos anuales por '1(500 '500o es del 10), analice los e4ectos so3re el

o del 20)(


6/42


7/42

>es 1 2 ! 5 $ 6 8 7 10 11

Vta( />>' 8 8 10 1 20 2$ !0 !$ 0

+!ems,eses 1 2 3 & ( ) / 10 11

-n.resos 2.0 &.0 ).0 .0 11.0 1(.0 20.0 2(.0 31.0 3(.0 &0.0

?.resos *(.0 *.0 *.0 *.0 *10.0 *12.0 *1(.0 *1/.0 *20.0 *2).0 *2/.0

@tos(Var( "2(0 "(0 "(0 "5(0 "6(0 "10(0 "1!(0 "15(0 "18(0 "20(0@tos(i+os "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "8(0 "8(0

-n*Eres *3.0 *3.0 *3.0 0.0 1.0 3.0 (.0 .0 11.0 .0 12.0-mpto( 0.0 0.0 0.0 0.0 *0.& *1.0 *1.) *2.0 *2.) *2.& *2./

d-mpto "!(0 "!(0 "!(0 0(0 0($ 2(0 !( 5(0 8( $($ 7(2

acum( "!(0 "$(0 "7(0 "7(0 "8( "$( "!(0 2(0 10( 16(0 2$(2

t

t "7(0

EE$$ * con!able-n.resos (0 8(0 8(0 10(0 1(0 20(0 2$(0 !0(0 !$(0 0(0 (0

ostos "2(0 "(0 "(0 "5(0 "6(0 "10(0 "1!(0 "15(0 "18(0 "20(0 "22(0

@astos "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "5(0 "8(0 "8(0

;es(a -mpto "!(0 "1(0 "1(0 0(0 2(0 5(0 8(0 10(0 1!(0 12(0 1(0

-mpto( 0.0 0.0 0.0 0.0 *0.& *1.0 *1.) *2.0 *2.) *2.& *2./

!( alcule el capital de tra3a+o re


8/42

12 1! 1 15 1$ 16 18

50 5$ $0 $$ $$ $$ $$

12 13 1& 1( 1) 1 1/ 1 20

&(.0 (0.0 ((.0 )1.0 )3.0 )).0 )).0 33.0 33.0

*30.0 *33.0 *3).0 *3/.0 *&1.0 *&1.0 *&1.0 *33.0 0.0

"22(0 "25(0 "28(0 "!0(0 "!!(0 "!!(0 "!!(0 "!!(0 0(0"8(0 "8(0 "8(0 "8(0 "8(0 "8(0 "8(0 0(0 0(0

1(.0 1.0 1.0 23.0 22.0 2(.0 2(.0 0.0 33.0

*3.& *&.0 *&.& *(.0 *(.0 *(.0 *(.0 0.0 0.0

11($ 1!(0 1($ 18(0 16(0 20(0 20(0 0(0 !!(0

!6(8 50(8 $5( 8!( 100( 120( 10( 10( 16!(

50(0 5$(0 $0(0 $$(0 $$(0 $$(0 $$(0

"25(0 "28(0 "!0(0 "!!(0 "!!(0 "!!(0 "!!(0

"8(0 "8(0 "8(0 "8(0 "8(0 "8(0 "8(0

16(0 20(0 22(0 25(0 25(0 25(0 25(0

*3.& *&.0 *&.& *(.0 *(.0 *(.0 *(.0

sB

a a $0 dCas(

ria3les, es decir, al mes si.uiente de realizado el .asto(

ntar prdidas pasadas de utilidades 4uturas(

(

un total de >>'8 desde el mes 10 al 18(


9/42

Ac!io on!o en 4ipo:errenos 2!,000 i+o

?di#cio 50,000 i+o

G3ras 4Csicas 20,000 i+o

>=


10/42

56e deprecia7No

%-

%i

%i

%iNo( Amortiza(

No( Amortiza(

No( Amortiza(

No( Amortiza(

No( Amortiza(

No( Amortiza(

No(


11/42

" ?l impuesto a la renta es de un 20)(

Ac!io on!o en 4ipo 56e deprecia7

:errenos 2!,000 i+o No

?di#cio 50,000 i+o %-

G3ras 4Csicas 20,000 i+o %i

>=


12/42

5Valor residual7 os deprec,am Depre,Amor!

2!,000 n(a( n(a(

0 10 5,000

0 10 2,000 Depreciacin 10,000

0 10 2,000 Amortizacin 8,00

0 10 1,000

0 5 1,000

0 5 2,000

0 5 2,0000 5 1,000

0 5 00

0 5 2,000

15,000 n(a( n(a(

3 & ( ) /

5,000 5,000 5,000 5,000 5,000 5,000

"1!,500 "1!,500 "1!,500 "1!,500 "1!,500 "1!,500

"10,000 "10,000 "10,000 "10,000 "10,000 "10,000

"8,00 "8,00 "8,00

13%100 13%100 13%100 21%(00 21%(00 21%(00"2,$20 "2,$20 "2,$20 ",!00 ",!00 ",!00

10%&/0 10%&/0 10%&/0 1%200 1%200 1%20010,000 10,000 10,000 10,000 10,000 10,000

8,00 8,00 8,00 0 0 0

2/%//0 2/%//0 2/%//0 2%200 2%200 2%200

rizonte de 10 aos suponiendo '!5(000 >'0(000 respectivame


13/42

10

2!,000

15,000

5,000 5,000

"1!,500 "1!,500

"10,000 "10,000

21%(00 21%(00",!00 ",!00

1%200 1%20010,000 10,000

0 0

2%200 )(%200

te(


14/42

Ao 0 1 2 nom( "80 0 !5

;?%PJ?%:A reales "80 !8 !1

Ejemplo"Precio ' 100

antidad 5,000

Ao 0 1 2-n*acin 5)

Precio nominales ' 100 ' 105

antidad 5,000 5,000

-n.resos nominales ' 500,000 ' 525,000

Precio de*actado ' 100 ' 100

-n.resos reales ' 500,000 ' 500,000

' 500,000

$( onvierta los *u+os nominales


15/42

3 &!0 25

25 20

3 &5) 5)

' 110 ' 11$

5,000 5,000

' 551,250 ' 568,81!

' 100 ' 100

' 500,000 ' 500,000

' 500,000 ' 500,000

sentan en *u+os reales suponiendo


16/42

d 8($65)e 10)

inanciamiento con capital propio 0) K""" L/P

inanciamiento con 4ondos a+enos 100)K""" PL/P

-mpuesto 20)

osto promedio ponderado /o $(7)

$(7)

6( %i la tasa de la deuda es de un 8,$65) anual antes de impuestodel capital propio es de un 10) anual, la inversin se #nancia copropio un 50) con 4ondos a+enos, determina cu=l es el costo procapital suponiendo una tasa de impuesto del 20)(


17/42

, el costo de oportunidadun 50) de capitaledio ponderado del


18/42

:asa de descuento 10)8ro9ec!o 1

Aos 0 1 2

"1000 500 800

8ro9ec!o 2Aos 0 1 2

"1000 00 500

8ro9ec!o 3Aos 0 1 2

"1000 200 250

VAN proecto 1 115(6 :-; 1

VAN proecto 2 !02(8 :-; 2

VAN proecto ! !55(! :-; !

8ro9ec!o 1Aos 0 1 2

"1000 500 800

primera repeticin "M "1000

se.und

a+ustado *1000 (00 *200

8ro9ec!o 2Aos 0 1 2

"1000 00 500

primera repeticin "M

a+ustado *1000 &00 (00

8ro9ec!o 3Aos 0 1 2

*1000 200 2(0

VAN proecto 1 ' 270(!5

VAN proecto 2 ' 5!0(2$ K""" >e+or proecto por


19/42

3

600

3 & ( )

!00 !50 00 50

18)

25)

20)

3 & ( )

500 800

repeticin "M "1000 500 800

(00 *200 (00 /00

3 & ( )

600

"1000 00 500 600

*300 &00 (00 00

3 & ( )

300 3(0 &00 &(0

u VAN es maor

as tiles cuos *u+os se muestran m=s a3a+o( Determineual /no Ia restriccin de capital, los proectos son


20/42

Da!os

-nversin total 150 Depraciacin !6(5

Aporte empresa 100

rdito 50

-nt(crdito /d 10) anualN&cuotas anuales

Vida til proecto aos

Valor residual 0

Ventas anuales 250

ostos 170

-mpuesto !0)

e 15)

EVAL:AC-;< 8:EC4=

+!ems,Aos 0 1 2 3-nversin "150(0

-n.resos 250(0 250(0 250(0

ostos "170(0 "170(0 "170(0

Depreciacin "!6(5 "!6(5 "!6(5

$es. a,-mp!o. 22(5 22(5 22(5-mpto( "$(8 "$(8 "$(8

$es. d,-mp!o. 15(8 15(8 15(8

Depreciacin !6(5 !6(5 !6(5FC *1(0.0 (3.3 (3.3 (3.3

o 12(!)

VAN /o 10($

:-; 15(6)

EVAL:AC-;< 8:


21/42

$es. d,-mp!o. 12.3 13.0 13./ Depreciacin !6(5 !6(5 !6(5

Del crdito"M /" Amortizacin "10(8 "11(7 "1!(0

FC "100(0 3.0 3/. 3/.3

VAN /e 7(76

:-; 20) K""""-N-N-:G


22/42

&

250(0

"170(0

"!6(5

22(5

"$(8

15(8

!6(5(3.3

A


23/42

1&.!6(5

"1(!

3.


24/42

or!iacin de la Deudao 10)

0 1 2 3 &15(8 15(8 15(8 15(8

5(0 !(7 2(6 1(

10(8 11(7 1!(0 1(!

50(0 !7(2 26( 1(! 0(0


25/42


26/42

Da!osValor camin inicialmente comprado !5,000Valor de venta del camin inicial !0,000

Valor del nuevo camin 2,000

AIorro costos operacin 2,500Anual re4erido al camin nuevo

Vida til de los camiones 10 aos:asa de impuesto 50)

:asa de descuento / 12)

Ven!a del camin inicial Depreciacin-n.resos !0,000 Depreciacin ca

osto "!5,000 Depreciacin nu

$ a,-mp!o *(%000-mpto( 2,500

$ d,-mp!o. "2,500

osto !5,000FC !a 32%(00Prdida por la vta del cami inicial "2,500

%ituacin inicial ""M 0 1 2 3-nversin "!5,000

-n.resos 0 0 0

ostos 0 0 0@astos 0 0 0

Depreciacin "!,500 "!,500 "!,500

$es. a,-mp!o *3%(00 *3%(00 *3%(00

-mpto( 1,650 1,650 1,650$es. d,-mp!o. "1,650 "1,650 "1,650 Depreciacin !,500 !,500 !,500

FC camion ini. *3(%000 1%(0 1%(0 1%(0

%ituacin alterna ""M 0 1 2 3-nversin "2,000

Prdida vta camin inicial "2,500

-n.resos 0 0 0

ostos 2,500 2,500 2,500@astos 0 0 0

Depreciacin ",200 ",200 ",200

$es. a,-mp!o *1%00 *1%00 *1%00-mpto( 850 850 850

$es. d,-mp!o. "850 "850 "850 Depreciacin ,200 ,200 ,200

FC camion ini. *&&%(00 3%3(0 3%3(0 3%3(0

VAN camin inicial "25,112 K""" se de3e mantener la comp

VAN camin alterno "25,562

incrementales "7,500 1,$00 1,$00 1,$00


27/42

VAN incremental "$0


28/42

min inicial !,500

evo camin ,200

600

& ( ) /

0 0 0 0 0 0

0 0 0 0 0 00 0 0 0 0 0

"!,500 "!,500 "!,500 "!,500 "!,500 "!,500

*3%(00 *3%(00 *3%(00 *3%(00 *3%(00 *3%(00

1,650 1,650 1,650 1,650 1,650 1,650"1,650 "1,650 "1,650 "1,650 "1,650 "1,650

!,500 !,500 !,500 !,500 !,500 !,500

1%(0 1%(0 1%(0 1%(0 1%(0 1%(0

& ( ) /

0 0 0 0 0 0

2,500 2,500 2,500 2,500 2,500 2,5000 0 0 0 0 0

",200 ",200 ",200 ",200 ",200 ",200

*1%00 *1%00 *1%00 *1%00 *1%00 *1%00850 850 850 850 850 850

"850 "850 "850 "850 "850 "850

,200 ,200 ,200 ,200 ,200 ,200

3%3(0 3%3(0 3%3(0 3%3(0 3%3(0 3%3(0

a del camin inicial(

1,$00 1,$00 1,$00 1,$00 1,$00 1,$00


29/42


30/42

10

0

00

"!,500

*3%(00

1,650"1,650

!,500

1%(0

10

0

2,5000

",200

*1%00850

"850

,200

3%3(0

1,$00


31/42


32/42

Da!os Ascensor =riinal

ostos de Gperacin anualB

>ano de o3ra 500,000

?ner.Ca electrica !,000,000

>antencin reparacin !,000,000Gtros 1,000,000

%(00%000

Arre.los para eEtender la vida til 5,000,000 Depreciacin

Vida til despes del arre.lo 5 aos

Da!os Ascensor ano de o3ra 500,000?ner.Ca electrica 1,500,000

>antencin reparacin 500,000

Gtros 1,000,000

3%(00%000

Valor del nuevo ascensor 0,000,000 Depreciacin 8,000,000

Vida til 5 aos

FL:B= DE CABA 8A$A EL A6CE


33/42

$es. a,-mp!o. *11%(00%000 *11%(00%000 *11%(00%000-mpto( !,50,000 !,50,000 !,50,000

$es. d,-mp!o. */%0(0%000 */%0(0%000 */%0(0%000 Depreciacin 8,000,000 8,000,000 8,000,000

FC *&0%000%000 *(0%000 *(0%000 *(0%000

VAN ascensor G;-@-NAF "2!,6$,!75 K"" %? >AN:-?N ?F A%?N%G;VAN ascensor NJ?VG "0,187,5!7


34/42

1,000,000

& (

0 0

"6,500,000 "6,500,000

"1,000,000 "1,000,000

*/%(00%000 */%(00%0002,550,000 2,550,000

*(%(0%000 *(%(0%0001,000,000 1,000,000

*&%(0%000 *&%(0%000

& (

0 0

"!,500,000 "!,500,000

"8,000,000 "8,000,000


35/42

*11%(00%000 *11%(00%000!,50,000 !,50,000

*/%0(0%000 */%0(0%0008,000,000 8,000,000

*(0%000 *(0%000

;-@-NAF


36/42

-nversin 1,000,000

anual 150,000 K"" perpetuos

10)

0 1 2 ! "1,000,000 150,000 150,000 150,000

acum "1,000,000 "850,000 "600,000 "550,000

Periodo de recuperacin simple 6 aos

0 1 2 !

"1,000,000 150,000 150,000 150,000

1!$,!$ 12!,7$6 112,$76

acum "1,000,000 "8$!,$!$ "6!7,$$7 "$2$,762

Periodo de recuperacin descontado 12 aos

VAN 500,000


37/42

5 $ 6 8 7150,000 150,000 150,000 150,000 150,000 150,000

"00,000 "250,000 "100,000 50,000

5 $ 6 8 7

150,000 150,000 150,000 150,000 150,000 150,000

102,52 7!,1!8 8,$61 6$,76 $7,76$ $!,$15

"52,520 "!1,!82 "!$,611 "2$7,6!6 "177,6$1 "1!$,1$


38/42

10 11 12 1! 1 15150,000 150,000 150,000 150,000 150,000 150,000

10 11 12 1! 1 15

150,000 150,000 150,000 150,000 150,000 150,000

56,8!1 52,56 6,675 !,50 !7,500 !5,707

"68,!15 "25,61 22,05 $5,50! 105,00! 10,712


39/42

8ro9ec!o A0 1 2

FC * A "5,000 !,500 !,500

8ro9ec!o 0 1 2

FC * "100,000 $5,000 $5,000

:asa descuento 15)

VAN A ' $87(78 :-; A 25(6)

VAN ' 5,$61(08 :-; 17()

Di4erencia proecto " A

0 1 2FC * *A "75,000 $1,500 $1,500

VAN "A ' ,781(10

:-; "A 17(1)


40/42

-nversin $00,000

100,000

recimiento 8) anual

osto salida 50,000en el ltimo ao

osto capital 10(0)

0 1 2 !

"$00,000 100,000 108,000 11$,$0

descontados "$00,000 70,707 87,25$ 86,$!!

VAN 27$,!7


41/42

5 $ 6 8 7

125,761 1!$,07 1$,7!! 158,$86 161,!82 185,07!

8$,00 8,6$ 82,70 81,!2 67,751 68,78


42/42

10 11

177,700 1$5,872

66,060 58,1

Documents

Resultado Guías de Ejercicios(1).xlsx