flujo de caja compendio (1)

7/25/2019 Flujo de Caja Compendio (1)

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COMPENDIO EJERCICIOS DE FLUJO DE CAJA

1. PLANTA MALTEO...................................................................................................................................................... 3

1.1. SOLUCIN......................................................................................................................................................... .. 4

2. CODEGUA, NUEVO LOCAL PASTELERO............................................................................................................... 5

2.1. SOLUCIN......................................................................................................................................................... .. 6

3. EMPRESA DE SERVICIO DE ALIMENTACIN MASIVA..........................................................................................7

4. EMPRESA PLAS-PLAS............................................................................................................................................. 8

4.1. SOLUCIN......................................................................................................................................................... .. 9

5. REEMPLAZO DE M!UINAS EN EMPRESA TE"TIL.............................................................................................#

5.1. SOLUCIN......................................................................................................................................................... .. 9

$. ERRORES EN FC..................................................................................................................................................... 11

6.1. SOLUCIN

...................................................................................................................................................... ... 127. PLANTA AV%COLA...................................................................................................................................................13

7.1. SOLUCIN...................................................................................................................................................... ... 14

8. MERCADO DE CORREOS.......................................................................................................................................1#

8.1. SOLUCIN...................................................................................................................................................... ... 20

#. PRO&ECTO MINERO 4 A'OS.................................................................................................................................22

9.1. SOLUCIN...................................................................................................................................................... ... 22

1(. LICITACIN LOCOMOCIN COLECTIVA.......................................................................................................... 25

10.1. SOLUCIN...................................................................................................................................................... ... 26

11. CL%NICA & NUEVO E!UIPO...............................................................................................................................2#11.1. SOLUCIN...................................................................................................................................................... ... 30

12. ERRORES EN FC VERSIN 2............................................................................................................................3(

12.1. SOLUCIN...................................................................................................................................................... ... 31

13. GERENTE & NUEVO E!UIPAMIENTO...............................................................................................................32

14. EMPRESA DE SERVICIO DE ALIMENTACION..................................................................................................32

15. FA)RICA DE *ELADOS.....................................................................................................................................35

1$. ESTUDIANTE & CR+DITO CORFO....................................................................................................................35

17. EMPRESA RU)RO VIDRIO & )OTELLAS.........................................................................................................3$

17.1. SOLUCIN...................................................................................................................................................... ... 36

18. ECONOM%A CON CERTIDUM)RE.....................................................................................................................3#

1#. FACTURAS.......................................................................................................................................................... 3#

2(. EJERCICIO CON )ALANCE..............................................................................................................................4(

21. EMPRESA INVERSIN AF.................................................................................................................................4(

22. CALCULE PUNTEADO....................................................................................................................................... 42

MATERIAL DOCENTE IN42A MARZO 2(($


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23. PROPUESTA MA! MINERA...............................................................................................................................42

23.1. SOLUCIN...................................................................................................................................................... ... 43

24. GALPN.............................................................................................................................................................. 45

24.1. SOLUCIN...................................................................................................................................................... ... 46

25. AMIGO E INVERSION......................................................................................................................................... 47

25.1. SOLUCIN...................................................................................................................................................... ... 48

2$. EMPRESARIO TRANSPORTE............................................................................................................................ 4#

26.1. SOLUCIN...................................................................................................................................................... ... 51

27. CALCULAR FC CORTO................................................................................................................................... 53

28. CAMPERA...........................................................................................................................................................53

2#. AMIGO A&UDA.................................................................................................................................................... 54

29.1. SOLUCIN...................................................................................................................................................... ... 54

3(. PLANTA DE CONCENTRADOS..........................................................................................................................55

31. PLANTA PROCESADORA DE MANGO.............................................................................................................5732. PRO&ECTO 5( MIL UNIDADES..........................................................................................................................5#

32.1. SOLUCIN, VERARCHIVOEXCEL.........................................................................................................................60

33. EMPRESA CA)LE..............................................................................................................................................$(

33.1. SOLUCIN, VERARCHIVOEXCEL.........................................................................................................................60

34. RENOVACIN DE E!UIPOS..............................................................................................................................$1

34.1. SOLUCIN...................................................................................................................................................... ... 61

35. GERENTE DE SUPERMERCADO......................................................................................................................$2

35.1. SOLUCIN...................................................................................................................................................... ... 63



3/64

1. PLANTA MALTEO

Un empe!"#$ e!%& '$n!#(e"n($ )" p$!#*#)#("( (e #n+e%# en n" p)"n%" (e m")%e$ (e 'e*"(" en )" VIIIe-#n. /)"ne" #n+e%# en n" p)"n%" '$n '"p"'#("( p"" p$('# "!%" 50.000 %$ne)"("! (e m")%" ") "$. L"#n+e!#n en "'%#+$! #$! e e!%#m"(" p$ )$! %'n#'$! en US 7.700.000 !e (e!'$mp$ne en

US V#(" Le-")een$ 80.000 O*"! C#+#)e! 870.000 40S#)$! 1.850.000 20:";#n"!. E;#p$! 4.900.000 10

/$ )"! '""'%e"($! p$ )$! "!e!$e! (e) #n+e!#$n#!%", pe(e '$mp"!e )"

'e*"(" ;e e;#e" )" %" p)"n%" p"-"n($ US 100 p$ %$ne)"(" (e 'e*"(" m")%e". L$! e!%(#$!pem#%en '$n')# ;e e) pe'#$ (e +en%" e!pe"($ !e& (e US 240 )" %$ne)"(" (e m")%" , ;e )"! +en%"!!e&n (e 20.000, 35.000, 45.000 %$ne)"("! )$! p#me$! %e! "$!, 50.000 )$! %e! "$! !#-#en%e!.

=e*#($ " ;e )" empe!" (e*e '$mp" en !)$ %e! me!e! ?ene$, e*e$ m">$@ %$(" )" 'e*"(" ;e +" "ne'e!#%" ("n%e e) "$ %#ene ;e '"n'e)")" ") '$n%"($, ;e )$! #n-e!$! p$ +en%"! !e e'#*en ")!e-n($ me! (e!p! (e ee'%"(" )" en%e-" (e) p$('%$, !e " e!%#m"($ ;e e) '"p#%") (e %"*"$e;e#($ p$ e) p$e'%$ e! (e US 10 m#))$ne! ?n$ )$ '")')e, %me)$ '$m$ ("%$@.

/"" #n"n'#" )" #n+e!#n, !e pe(e "''e(e " n '(#%$ p$ e) 75 (e )" #n+e!#n m&! e) '"p#%") (e %"*"$en n *"n'$ )$'") '$n n" %"!" (e #n%e! (e) 8 ($! "$! (e -"'#" ?)$! #n%ee!e! (e) pe" "'%")#n+e%#(" en *$n$! (e )"-$ p)">$, ;e )e ("n n" en%"*#)#("( e") "n") (e 10 en ()"e!.

E)"*$e n )$ (e '"" p"" e) #n+e!#$n#!%" '$n )$! "n%e'e(en%e! e)e+"n%e! p"" )" (e'#!#n (e "'e e)p$e'%$ (e m")%e


4/64

1.1. Solucin

/e-n%" 1

In+. 7700000 USC"p#%") (e %"*. 10000000 US"'%#+$ US +#(" %#) =ep. An") VL ?6@ V e!#(") -"n '"p.een$ 80000 80000OOCC 870000 40 21750 739500S#)$! 1850000 20 92500 1295000:";. e;. 4900000 10 490000 1960000$%") 7700000 604250 4074500 5005000 930500

'$!%$ p$(. 26 USF%$n m")%"C$!%$! D#$! 1300000 USF"$pe'#$ 'e*"(" 100 USF%$n

+en%"! 20000 35000 45000 50000 50000 50000pe'#$ +en%" 240 240 240 240 240 240

4800000 8400000 10800000 12000000 12000000 12000000#n!m$! 25000 43750 56250 62500 62500 62500pe'#$ #n!m$! 100 100 100 100 100 100

2500000 4375000 5625000 6250000 6250000 6250000

D)$ (e C""0 1 2 3 4 5 6

In-e!$! 4800000 8400000 10800000 12000000 12000000 12000000G. (e '"p#%") 930500C$!%$! D#$! 1300000 1300000 1300000 1300000 1300000 1300000C$!%$! V"#"*)e!/$(. 520000 910000 1170000 1300000 1300000 1300000In!m$! 2500000 4375000 5625000 6250000 6250000 6250000In%ee!e! 3447677 857151 445059=epe'#"'#n 604250 604250 604250 604250 604250 604250/EA 0 124250 0 1346927 0 0U. "n%e! Imp%$. 124250 1086500 1346927 341673 2100691 3476250Imp%$ ?15@ 0 162975 0 51250,9 315103,6 521437,5U. (e!p.Imp%$. 124250 923525 1346927 290422 1785587 2954813

G"n"n'#" (e C. 930500=epe'#"'#n 604250 604250 604250 604250 604250 604250/EA 124250 0 1346927 0 0

In+e!#n 7700000/!%"m$ 13275000Am$%#>"'#n 2560619 5151145 5563236



5/64

V")$ Re!#(") 5005000C. (e . 10000000Re'. C. (e . 10000000D)$ (e C"" 4425000 480000 1652025 1817942 7392743 7953074 17633563

V/N?10@ 18.683.783

Prstamo

/!%"m$ 13275000#n%e! 8C$%" 6008295

0 1 2 3 4 5C$%" 6008295 6008295 6008295In%e! 3447677 857151 445059 4749886

Am$%#>"'#n 2560619 5151145 5563236 13275000S")($ In!$)%$ 13275000 10714381 5563236 0 18024886

2. CODEGUA, NUEVO LOCAL PASTELERO

Un '$n$'#($ '$me'#"n%e (e )" )$'")#("( (e C$(e-" ?VI Re-#n@, (e(#'"($ " )" p$(''#n (e p"!%e)e!'#)en$! m"n", e!%& #n%ee!"($ en '$mp" n ne+$ )$'"), m&! "mp)#$ m$(en$ ;e e) ;e "#en(" en)" "'%")#("(, ;e )e pem#%" "men%" )"! +en%"!. S"*#en($ ;e )" D"')%"( (e In-en#e


6/64

C$n e) ne+$ $n$, ;e !e "-e-" ") "n%e#$, )" p$(''#n "men%""'#n 1446852 1598772 1766643 1952140S")($ In!$)%$ 6764406.7

85317555 3718783 1952140 0



7/64

DLUO =E CAA

1 2 3 4 5:"$e! In-e!$! 1464406

814644068

14644068

14644068

14644068

:"$e! C$!%$!

10440000

10440000

10440000

10440000

10440000A$$ en C$!%$!?A#en($@

1800000 1800000 1800000 1800000 1800000 GCMVCV

G"!%$! D#n"n'#e$!E%"!

710263 558343 390472 204975 0 $%")=epe

V")$Re!#(")

V")$C$m

=epe'#"'#n L$'") 200000 200000 200000 200000 200000=epe'#"'#nIn!%H$n$HP

1772881 1772881 1772881 1772881 1772881

G"n"n'#" (e C"p#%")L$'")

1000000

G"n"n'#" (e C"p#%")O%"! In+

2432203 1000000 7000000

8000000

UILI=A= 3320924 3472843 3640714 3826212 7463390 8864406 0 2432203.Imp%$ ?15@ 498139 520926 546107 573932 1119508U=I 2822785 2951917 3094607 3252280 6343881=epe'#"'#n L$'") 200000 200000 200000 200000 200000=epe'#"'#nIn!%H$n$HP

1772881 1772881 1772881 1772881 1772881

G"n"n'#" (e '"p#%") 3432203V")$ e!#(") 7000000In+e!#n

17264407/e!%"m$! 6764407Am$%#>"'#$ne! 1446852 1598772 1766643 1952140 0Amen%$ (e C"p"*"$

150000 VANM 20,516,758

Re' (e (e)%" (e C"p."*"$

150000 Amen%$ (e #;e>" "(#'#$n")

D. C"" 10650000

6242519 6523570 6834131 7177302 12034559

3. EMPRESA DE SERVICIO DE ALIMENTACIN MASIVA

Un #n+e!#$n#!%" e!%& e+")"n($ )" '$n+en#en'#" (e $m" n" empe!" (e !e+#'#$ (e ")#men%"'#n m"!#+" "empe!"! en n eme-en%e !e'%$ #n(!%#") (e )" e-#n me%$p$)#%"n". E) !e'%$ en ;e !e e")#>"


8/64

'$n%emp)"($ (" )$! !e+#'#$! (e en%e-" (e ")#men%$! en+"!"($!, %"n!p$%e (e ")#men%$! " -"ne) )"'$n'e!#n (e '"!#n$! en e) '"!$ (e empe!"! m"$e!.A p"%# (e e!%" )$n%e (e e+")"'#n (e 5 "$!, ;e '"n($ )$! )$! (e '"" !$np$!#%#+$!, )$! (e$! )$! e%#"n ") #n") (e) "$. BRe'$men("


9/64


10/64

"@ D)$! (e C"" (e '"(" n" (e )"! ")%en"%#+"!:&;#n"! A)em"n"!C$!%$ 250 /e


11/64

*@ E)e''#n (e me$ m&;#n" A)em"n"! C$e"n"!C$!%$! 73 58IR 2.99 0.50V/S 98 91

C$m$ !$n '$!%$! !e e)#-e )" ;e p$('e men$! p(#(" C$e"n"!A(em&! %#ene n" me$ IR ! '$!%$ "(#'#$n") en '"(" '#')$ e! men$.

'@ E)e''#n en%e " "#en($

Sp$nem$! e)e-#(" )" '$e"n" C$!%$! (e "#en($ 27.5

0 1 2 3 4 5 6 7 8 9A$$ '$!%$! 20 20 20 20 20 20 20 20 20C$!%$ "(#'#$n") (e "#en($ 27.5 27.5 27.5 27.5 27.5 27.5 27.5 27.5 27.5

U 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5(e)%" #mpe!%$ 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1U=I 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6D. C"" 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6 8.6

V/N 50 ES :EOR ARREN=ARIR O$ ;e "$" n$ (e!'en%$ #mpe!%$ p$ )"! '$%"! (e (epe'#"'#n (e!'en%$ #mpe!V/S 78 p$ e) m"$ '$!%$ $pe"'#$n")="


12/64

U%#)#("( "n%e! (e #mpe!%$! ?900,0@ ?101,5@ ?351,5@ 298,5 1.498,5Impe!%$! ?15,2@ ?52,7@ 44,8 224,8U%#)#("( (e!p! (e #mpe!%$! ?900,0@ ?86,3@ ?298,8@ 253,7 1.273,7

V/N?@ M ?165@ M 10

?L$! "'%#+$! !e (epe'#"n en '#n'$ "$!@.

"@ I(en%##'" )$! e$e! (e) )$ (e '"" (e) T#n-en#e$.

*@ H"'e e) )$ (e '"" '$e'%$.

'@ H"'e n" e'$men("'#n " p"%# (e )$! ne+$! e!)%"($!.

6.1. Solucin

"@Se %#enen )$! !#-#en%e! e$e!

L" (epe'#"'#n n$ e!%& (e!'$n%"n($ #mpe!%$.C"n($ " p(#("!, " )" empe!" n$ !e )e (" (#ne$ ?)$! #mpe!%$! n$ !e (e+e)[email protected]"! p(#("! (e) ee'#'#$ "n%e#$ n$ !e e!%&n %$m"n($ en 'en%".L" -"n"n'#" ?p(#("@ (e '"p#%") p"-" #mpe!%$.E) +")$ (e e+en%" (e )$! "'%#+$! n$ p"-" #mpe!%$.L" "m$%#>"'#n (e )$! p!%"m$! n$ p"-" #mpe!%$ ?e! p"%e (e) )$ (e '"p#%")@. L$! #n%ee!e! ?-"!%$!#n"n'#e$!@ p"-"n #mpe!%$!.

*@

La depreciacin de los activos adquiridos en el perodo 0 es

1.300

5

La depreciacin de los activos adquiridos en el perodo 2 es500

5

=

=

260

100

.

.

E) +")$ )#*$ (e )$! "'%#+$! ") #n") (e) $#>$n%e ?") #n") (e) '"%$ pe


13/64

G"!%$! #n"n'#e$! 100,0 78,5 54,8 28,7G"n"n'#" (e '"p#%") 540/(#(" (e) ee'#'#$ "n%e#$ 146,0 20,5 U%#)#("( "n%e! (e #mpe!%$! ?146,0@ ?20,5@ 178,7 865,3Impe!%$! 26,8 129,8U%#)#("( (e!p! (e #mpe!%$! ?146,0@ ?20,5@ 151,9 735,5=epe'#"'#n 260,0 260,0 360,0 360,0G"n"n'#" (e '"p#%") 540/(#(" (e) ee'#'#$ "n%e#$ 146,0 20,5

114,0 385,5 532,4 555,5

D)$ (e '"p#%")e!

C$mp" (e "'%#+$! 1.300,0 500,0 C"p#%") (e %"*"$ 600,0 Re'pe"'#n '"p#%") (e %"*"$ 600V")$ (e e+en%" (e "'%#+$! 1.100,0/!%"m$ 1.000,0

Am$%#>"'#n 215,5 237,0 260,7 286,8?900,0@ ?215,5@ ?737,0@ ?260,7@ 1.413,2

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'@Se '")')" e) V/N (e) p$e'%$.

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2 3 4= +

+

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C$m$ e) V/N (e) p$e'%$ e! m"$ ;e 'e$, e) ne-$'#$ e! '$n+en#en%e

7. PLANTA AV%COLA

1. - Un empe!"#$ e!%& '$n!#(e"n($ #n+e%# en n" p)"n%" "+" '$mp"n($ p$))$! (e 1 (


14/64

L" #n+e!#n %#ene n +")$ e!#(") ;e ")'"n>" e) 60 (e )" #n+e!#n #n#'#"). /"" #n"n'#" )$!(e!"!e! (e p"-$! (e e-e!$! e #n-e!$! (e) p$e'%$ !e (e*e #n'$p$" n '"p#%") (e %"*"$ (e15.000.000.

E) $#>$n%e (e e+")"'#n e! (e 5 "$!. E) '$!%$ (e $p$%n#("( (e) (#ne$ (e) empe!"#$ ")'"n>"

") 14 e") "n"), e) #mpe!%$ (e p#me" '"%e-$


15/64

N$ p$(em$! '$mp"" )$! V/N (e )$! p$e'%$! (e (#!%#n%" +#(" %#), p$ )$ ;e $'p"m$! e) #n(#'"($ JAUE.

R9:;


16/64

C"p#%") (e "*"$ ::15

D/?G. D C/96 E! )" (#een'#" en%e Ve!#(") V)#*$

Ve!#(")M 60 (e) +")$ (e )" #n+e!#n MW 0.6 210 M 126

V)#*$M V")$ #n") (e )$! *#ene! (e!p! (e n pe


17/64

I M 500 Fp$))$ 70.000 p$))$ 2.6 - Fp$))$ 6 '#')$! ?500 Fp$))$ 70.000 p$))$ 1 - Fp$))$@ M MM581?"$ 52@

C$!%$! D#$!

=#e'%$ (e) enn'#"($ 3010M MM4(

C$!%$! V"#"*)e!

=e) enn'#"($ !e %#ene ;e '$!%$! +"#"*)e! !$n ")#men%"'#n ?120@ '")e"''#n?30@. $%") 150. A(em&! " ;e"(#'#$n" )$ ;e 'e!%" e) p$))$?'$!%$ (e #n!m$@ en e!%e '"!$ 50. Le-$

CVM ?15050@ 70.000 6 ?'#')$!@M MM84

CVM 20070.000 7 ?'#')$!@ M MM#8D#n")men%e en e!men

G")pn 5000 m2 /e!$ !em 4 1 - =ep. 12 ::F"$=en!#("( 14 p$))$!Fm2 A)#men%$ "-" 120 Fp$))$ VR 126 mm:$men%$ Op. 8 !em"n"! C")e"''#n 30 Fp$))$ VL 150 mmA$ 52 !em"n"! C$!%$ p$))#%$! 50 Fp$))$ /. (e C. 24 mm/e'#$ 500 F- CD 40 ::F"$ C. (e . 15 mm/e!$ !em 8 2,6 - INV 210 mm

FLUJO DE CAJA DE LA EMPRESA

0 1 2 3 4 5C#')$! Ven%"F"$ 6 7 6 7 6

In-e!$! 546 637 546 637 581/(#(" (e C. 24C$!%$!V"#"*)e! 84 98 84 98 98D#$! 40 40 40 40 40=epe'#"'#n 12 12 12 12 12U. "n%e! Imp%$. 410 487 410 487 407Imp%$ ?15@ 62 73 62 73 61U. (e!p.Imp%$. 349 414 349 414 346/(#(" (e C. 24=epe'#"'#n 12 12 12 12 12In+e!#n 210V")$ Re!#(") 126C. (e . 15Re'. C. (e . 15

D)$ (e C"" 225 361 426 361 426 523V/N ?14@M 1.186 ::

'@ /"" %$(" e+")"'#n (e '"n%$ 'e!%" n p$e'%$, !e (e*en '$n!#(e" )$ ;e e) #n+e!#$n#!%"(e"


18/64

En e!%e '"!$ '$n!#(e"n($ ;e e!%"m$! " #n")e! (e) 2 pe" ")"n%e#$. E!%$ e! )$ ;e '$mnmen%e !e ))"m" )$ (e '"" m"-#n").

Calculo de Cuota

C$%" #" M / ?1 # @ ??1 #@[% #@ ??1 # @[% \ 1@

En e!%e '"!$ e) % M 4 "$!, "n '$n!#(e"n($ ;e e! '$n n "$ (e -"'#".E) pp%m$ e! n 50 (e )" #n+e!#n '"p#%") (e %"*"$ M ::112.5 ?/@L" %"!" (e #n%e! e! #M 0.07

=e!pe"n($..... C M 35,538 :: ") "$C$n )" '$%" e) !")($ (e) p!%"m$ !e (e%em#n"n )$! #n%ee!e! "!$'#"($! ") pe"'#n !e (e%em#n" " p"%# (e A M C$%" \ In%ee!e!.

/e


19/64

/!%"m$ 112,5Am$%#>"'#$ne! 25,3382 27,1118 29,0097 31,0403D)$ /!%"m$ 112,5 34,0081 34,2741 34,5588 34,8634

V/N 3MW5

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20/64

/"" e")#>" e) )$ (e '"" ee'%"m$! )"! !#-#en%e! $pe"'#$ne!

Le-$, '$n e!%" #n$m"'#n, p$'e(em$! " '$mp)e%" e) )$ (e '"" ?en m#))$ne! (e pe!$!@

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G"!%$! #n"n'#e$!G"n"n'#" (e '"p#%")

U%#)#("( "n%e! (e #mpe!%$ 26 48,1 72,19 98,43 126,97Impe!%$ ?15@ 3,9 7,21 10,83 14,77 19,05

U%#)#("( (e!p! (e #mpe!%$ 22,1 40,89 61,36 83,67 107,92=epe'#"'#n )e-") 23 23 23 23 23


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000.003.2134a&ovaria*les+ostos

500.502.1##3a&ovaria*les+ostos

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==

==

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+=

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000.000.235

000.000.40

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20.000.000tra*a-ode+apital

000.000.340'nversin

=

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21/64

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C"p#%") (e %"*"$ 20Re'pe"'#n '"p#%") (e %"*"$ 20

D)$ n$ $pe"'#$n") 360 245

D)$ (e C"" 360 45,1 63,89 84,37 106,67 375,93

="($ ;e e) '$!%$ (e '"p#%") (e )" empe!" e! (e) 16, e) V/N '$e!p$n(e "

/$ )$

%"n%$, e) "p$%e " )" #;e>" (e) empe!"#$ e! p$!#%#+$, )$ ;e #mp)#'" )" '$n+en#en'#" (e ee'%" e)p$e'%$.


pesosdeillones30.1$V!16,1

"3,3#5

16,1

6#,106

16,1

3#,$4

16,1

$",63

16,1

1,45360V!

5432

=

+++++=


22/64

#. PRO&ECTO MINERO 4 A'OSUn empe!"#$ n"'#$n") e!%& e!%(#"n($ )" p$!#*#)#("( (e #n+e%# en n p$e'%$ m#ne$. L" #n$m"'#n ;e(#!p$ne e! ;e )" m#n" en 'e!%#n !e ep)$%"


23/64

U%#)#("( "n%e! (e #mpe!%$ 100 700 1.700 1.600Impe!%$ ?15@ 105 255 240U%#)#("( (e!p! (e #mpe!%$ 100 595 1.445 1.360=epe'#"'#n )e-") 200 200 200 200G"n"n'#" (e '"p#%") 700

/(#(" (e) ee'#'#$ "n%e#$ 100

D)$ $pe"'#$n") 100 895 1.645 2.260

In+e!#n 2.000V")$ e!#(") 500C"p#%") (e %"*"$ 500Re'pe"'#n '"p#%") (e %"*"$ 500

D)$ n$ $pe"'#$n") 2.500 1.000

D)$ (e '"" 2.500 100 895 1.645 3.260

E) V/N (e) p$e'%$ '$e!p$n(e "

Le-$, e) p$e'%$ e! '$n+en#en%e

In+e!#n M 3.000G"n"n'#" (e '"p#%") M 1.200 ?3.000 300 3@ M 900

3 pe


24/64

In+e!#n 3.000V")$ e!#(") 1.200C"p#%") (e %"*"$ 500Re'pe"'#n '"p#%") (e %"*"$ 500

D)$ n$ $pe"'#$n") 3.500 1.700

D)$ (e '"" 3.500 640 2.170 3.495

E) '")')$ (e) V/N e!

Le-$, )" ep)$%"'#n "'e)e"(" (e )" m#n" n$ e! '$n+en#en%e, " ;e e!%e V/N e! men$ ;e e) en'$n%"($en )" p"%e "@.

E+")"m$! )" '$n+en#en'#" (e) '(#%$

G"n"n'#" (e '"p#%") M 500 ?2.000 200 4@ M 700

Re'$("m$! ;e C$%" M In%e! Am$%#>"'#n, %enem$! )" !#-#en%e %"*)"

A$ =e(" ") #n#'#$ (e) pe"'#n =e(" ") #n") (e) pe


25/64

G"n"n'#" (e '"p#%") 700/(#(" (e) ee'#'#$ "n%e#$ 220

D)$ $pe"'#$n") 20 845 1.611 2.260

In+e!#n 2.000

V")$ e!#(") 500C"p#%") (e %"*"$ 500Re'pe"'#n '"p#%") (e %"*"$ 500/!%"m$ 1.500Am$%#>"'#n 500 500 500

D)$ n$ $pe"'#$n") 1.000 500 500 500 1.000

D)$ (e '"" 1.000 520 345 1.111 3.260

Le-$, e) V/N !e $*%#ene (e )" !#-#en%e m"ne"

En%$n'e!, ("($ ;e e!%e V/N e! m"$ ;e )$! "n%e#$men%e en'$n%"($!, '$n')#m$! ;e'$n+#ene %$m" e) '(#%$.

1(. LICITACIN LOCOMOCIN COLECTIVAUn empe!"#$ e!%& e+")"n($ )" ")%en"%#+" (e #n-e!" ") ne-$'#$ (e )" )$'$m$'#n '$)e'%#+"

)#'#%"n($ n" )


26/64

/"" n'#$n" ") #n#'#$ (e '"(" "$ )" empe!" %en(& ;e p"-" 20.000.000 p$ pem#!$ "n") (e'#')"'#n "n%#'#p"("men%e 2.000.000 men!")e! p$ '$n'ep%$ (e !e-$!. Re;e#& %"m*#n 500.000(#"#$! p$ '$n'ep%$ (e '$m*!%#*)e! +e)%$! ") #n#'#$ (e '"(" (")$.

S# ") #n#'#$ (e) p$e'%$ )" empe!" pe(e '$n!e-# n p!%"m$ p$ 500.000.000, p"-"(e$ en 4 '$%"!"n")e! #"! " n" %"!" (e) 10 e") "n") n pe


27/64

"@CA/IAL =ERAJAO:en!")/em#!$! 20000Se-$! 2000

0 1 2In-e!$! 35200 70400 70400

C"p (e %"* 500Ope"'#n 43900 43900 43900O%$! 22000 2000 2000 2000//: 352 704 704

$%") 22500 11052 23796 23796A'm)"%#+$! 33552 12744 47592

N*$)e%$! 16000pe'#$ 220:e!e! 12C+" 20

C$!%$! #$! p$ m"; %$%") me! %$%") "$C$ee! 8000 96000$%$! !")"#$! 2500 30000C$m*!%#*)e 1000 20000 240000

:"n% 5000 60000Impe+#!%$! 2000 24000C$m#!#$n 320 6400 76800

$%") men!") 43900 450000p$ m"; %$%") p$ me!

In-e!$! 42240 844800 70400

*@D)$ (e C""

0 1 10

In-e!$! 844800 844800 844800G. =e C"p 336000C$!%$! 1 450000 450000 450000/em#!$! !e- 44000 44000 44000=epe'#"'#n 132160 132160 132160/EA

U*%"! 218640 218640 554640



28/64

Impe!%$ 32796 32796 83196U Ne%"! 185844 185844 471444=ep 132160 132160 132160/EA 0 0 0G. =e '"p 0 0 336000D (e '"p 318004 318004 267604

In+e!#n 1120000 201600Re+en%" 336000C"p (e %"* 33552 33552

DC 1153552 116404 318004 637156V/N?14@ 414440,811 14

'@

0,1n 4"! 2,88169586/e!%"m$ 500C$%" 173,508942 173,508942 173,508942 173,508942 173,508942In%ee! 105 43,1491058 30,11312217 15,77354019Am$%#> 68,50894204 130,3598362 143,3958199 157,7354019S")($ #n!$)%$ 500 431,491058 301,1312217 157,7354019 0

L$! #n%ee!e! !$n men$e! ;e )"! %#)#("(e! *%"!, p$ %"n%$ (e!'en%"n#mpe!%$!

(e)%" V/N 165,807871 ::

(@' 0,191713541V/N 414440,811*"e 79453,91535V/S 567527,9668Wme$" en 153087,1558

e@?:@ C"p"'#("( V")$ *! C$!%$ "n") %$%") V#(" %#) V")$ e+en%"A 100 60.000 22.000 10 18.000J 100 50.000 25.000 8 12.000

JUS A *! J 14 14+pn '#')$ 169899,1556 165968,7929



29/64

' 0,191713541 0,215570024CAUE 32571,96872 35777,89663V/C IND 232656,9194 255556,4045

W me$ " en 22899,4851 :

11. CL%NICA & NUEVO E!UIPO

En $'%*e (e 1997, n -p$ (e m(#'$! #n+e!#$n#!%"! #n"- n" ne+" ')


30/64

11.1. Solucina) Flujo de Caja del servicio de Medicina Nuclear.

0 1 2 3

+ Ingresos 3000 3000 3000

- Costos !"eracionales #$%000 #$%000 #$%000

- &ueldo Mdicos #$000 #$000 #$000- 'astos Financieros #30000 #20000 #10000

+ 'anancias de Ca"ital 300000

- (e"reciaciones egales #133333.33 #133333.33 #133333.33

- Prdidas *jercicio +nterior

= ,tilidad -ruta ///./ %///./ 3////./

- Im"uestos 1%) #1%0.000% #$/%0.000% #%%1%0.000%

= ,tilidad Neta 0%1/.//% 01/.//% 312%1/./

+ Prdidas *jercicio +nterior

+ (e"reciaciones egales 133333.33 133333.33 133333.33

- 'anancias de Ca"ital #300000

= Flujo de Caja Operacional 173850 182350 145850

- M4uina #00000- 5rans6ormaciones #20000

+ 7alor 8esidual 300000

- Ca"ital de 5ra9ajo #30000

+ 8ec. Ca"ital de 5ra9ajo 30000

+ Crdito 300000

- +morti:aciones #100000 #100000 #100000

= Flujo de Capitales -150000 -100000 -100000 230000

= Flujo de Caja -150000 73849.9995 82349.9995 375850

210.021 310.021 331%2.10 33%%$0.3%

9) &e de9e calcular el 7PN del Pro;ecto al 12

7PN < 210.021 = 0

Por lo tanto> conviene invertir "or4ue el 7PN = 0> es decir> aumenta nuestra ri4ue:a.

12. ERRORES EN FC VERSIN 2

Un '$)e-" #n-en#e$ e!%(# n ne-$'#$, #>$ e) '$e!p$n(#en%e )$ (e '"", '")') e) V/N '$n') ;en$ )e e! '$n+en#en%e. C$m$ e!%& '$n!'#en%e ;e %#ene +"'


31/64

In+e!#n 1.240 C"p#%") (e "*"$ 360

D)$ (e C"" ?1.000@ ?46@ 144 1.184

V/N?@ M ?131@ M 14

Se p#(eI(en%##'" )$! e$e! (e) )$ (e '"" (e) '$)e-".H"'e e) )$ '$e'%$.H"'e n" e'$men("'#n " p"%# (e )$! ne+$! e!)%"($!.

12.1. Solucin

"@ E$e!N$ (#!%#n-e en%e D)$ Ope"'#$n") D)$ C"p#%")e!:e>')" Am$%#>"'#n '$n G"!%$! D#n"n'#e$!N$ %$m" en '$n!#(e"'#n )" e'pe"'#n (e) C"p#%") (e "*"$C")')" #mpe!%$ " %#)#("(e! ne-"%#+"!N$ '$)$'" G"n"n'#" (e C"p#%")N$ '$)$'" /(#(" (e Ee'#'#$ An%e#$

*@ D)$ (e C""0 1 2 3

+ Ingresos !"eracionales %$$ $$ $$

- Costos !"eracionales #3$/ #3$/ #3$/

- 'astos Financieros #/0 #0 #20

+ 'anancias de Ca"ital /00

- (e"reciaciones egales #2$0 #2$0 #2$0

- Prdidas *jercicio +nterior #13$ #%/

= ,tilidad -ruta #13$ #%/ $/

- Im"uestos 1%) #12/.

= ,tilidad Neta #13$ #%/ 1.1

+ Prdidas *jercicio +nterior 13$ %/

+ (e"reciaciones egales 2$0 2$0 2$0

- 'anancias de Ca"ital #/00

= Flujo de Caja Operacional 142 32 455.1

- Inversi?n #120

+ 7alor 8esidual 1000

- Ca"ital de 5ra9ajo #3/0

+ 8ec. Ca"ital de 5ra9ajo 3/0

+ Prstamo /00

- Pago Prstamo #200 #200 #200

= Flujo de Capitales -1000 -200 -200 110

= Flujo de Caja -1000 -58 12 115.1

1/3.2302 11/3.230 13$.$22 11/.%3

7PN < 1/3.2302 = 0

'@ Re'$men("'#n C$m$ V/N W 0 en%$n'e! '$n+#ene "'e e) p$e'%$.



32/64

13. GERENTE & NUEVO E!UIPAMIENTO

E) -een%e (e n" empe!" (e(#'"(" " )" #n$m&%#'" e'#*# )" $e%" (e n ne+$ e;#p"m#en%$'$mp%"'#$n") ;e )e pem#%#


33/64

E) "#en($ (e) )$'") 'e!%" 1.000 : men!")e!, !e (e*e '"n'e)" "n%#'#p"("men%e, n%$ '$n n me! (e-""n%" )"! !#-#en%e! #n+e!#$ne! ?" #ne! (e '"(" "$@

Q%em V#(" %#)?"$!@

A$ 0?:@

A$ 1?:@

A$ 2?:@

A$ 3?:@

V")$ e+en%"?en "$ 5 en :@

C$n!%''#n 30 80.000 70.000E;#p"m#en%$ C$'#n" 10 15.000 20.000 30.000E;#p"m#en%$ '$me($e! 10 5.000 20.000 5.000O%$! e;#p$! 3 6.000 3.000 1.000Ve . R?K ;?6 1(. ) > /?9;9H(.8. T > >0>6 12 ? 0.

15 S9 /? ?B,


34/64

P*8I!(! 0 1 2 3 % / $

(atos del *4ui"o +ctual

7entas 100 % 0

Costos 20 2/ 32

7alor i4uid. $0 /0 30 0

(atos del *4ui"o Nuevo

7entas 110 110 110 110 110Costos 1/ 1$ 20 2 2$

7alor i4uid. 30

Inversi?n 1%0

8eem"la:ar +@oraA

7entas 110 110 110 110 110

Costos 1/ 1$ 20 2 2$

7alor i4uid. 30

Inversi?n 1%0

-ene6. Neto #1%0 2 0 $/ 112

7PN 1$.%

-+,* %2.%$

8eem"la:ar en un aBo ms

7entas 100 110 110 110 110 110

Costos 20 1/ 1$ 20 2 2$7alor i4uid. %0 2%.%

Inversi?n $0 12.%

-ene6. Neto #$0 2.% 2 0 $/ 10.%

7PN 223.11

-+,* %.2

8eem"la:ar en dos aBos ms

7entas 100 % 110 110 110 110 110

Costos 20 2/ 1/ 1$ 20 2 2$

7alor i4uid. 30 21./%

Inversi?n $0 10$.3%

-ene6. Neto #$0 $0 #.3% 2 0 $/ 103./%

7PN 2%0.$

-+,* %.

8eem"la:ar en tres aBos ms

7entas 100 % 0 110 110 110 110 110

Costos 20 2/ 32 1/ 1$ 20 2 2$

7alor i4uid. 0 1$.23%

Inversi?n $0

-ene6. Neto #$0 $0 / #3.11$% 2 0 $/ 100.23%

7PN 2%.1%

-+,* %2.1

Se (e*e eemp)">" )" ;e ( m"$ V/N. En e!%e '"!$, '$e!p$n(e " eemp)">" en %e! "$! m&!.



35/64

15. FA)RICA DE *ELADOS

Un" &*#'" (e e)"($!, e;#ee p"" )" p$(''#n (e ! p$('%$ e!%e))" n" m&;#n" ")%"men%ee!pe'


36/64

17. EMPRESA RU)RO VIDRIO & )OTELLAS

Un" empe!" en e) *$ (e) +#(#$ %#ene en '"pe%" n p$e'%$ ;e '$n!#!%e en )" "*#'"'#n (e *$%e))"! (e")%" '")#("( p"" +#n$ (e ep$%"'#n. /"" e))$, p)"ne" %#)#>" n" %e'n$)$-"'#n (e )" (e(" !e e")#>"& en !e#! '$%"! #-")e! (e '"p#%"), !#en($ )" p#me" (e e))"!'"n'e)"(" e) '"%$ "$ (e $pe"'#n, m#en%"! ;e )$! #n%ee!e! !e&n '"n'e)"($! en $m" "n").

E) p$e'%$ e;#ee n '"p#%") (e %"*"$ e;#+")en%e " '"%$ me!e! (e '$!%$ +"#"*)e, e')en($'$m#!#$ne! -"!%$! #n"n'#e$!. E) '"p#%") (e %"*"$ !e& #n"n'#"($ %$%")men%e '$n '"p#%") p$p#$.

Sp$n-" ;e )" %"!" e#-#(" p$ )$! #n+e!#$n#!%"! e! (e 12 "n") ;e )" %"!" (e #mpe!%$ " )"! %#)#("(e!e! (e 17.

E+")e e) p$e'%$ (e!(e e) pn%$ (e +#!%" (e )$! #n+e!#$n#!%"! '$n!%en($ )$! )$! (e '"" (e) p$e'%$#n"n'#"($ '")')"n($ ! VAN. N$ e! ne'e!"#$ '")')" )" IR.

17.1. Solucin

/"" (e%em#n" e) m$n%$ (e )" (e(", !e e;#ee e!%#m" )" #n+e!#n (e) p$e'%$ en "'%#+$ #$, " ;e !e#n(#'" ;e e) 75 (e e!%" #n+e!#n !e #n"n'#"& '$n (e(". Se pe(e '$n!%# )" !#-#en%e %"*)"



37/64

!"#$%&!O"$& '()

+ctivo 7alor (e"reciaci?n 7alor a los 10 aBos (euda+nual i9ro 8esidual

Fran4uicia .000.000 00.000 0 0 % 3.000.000Camiones /.000.000 /00.000 0 1.200.000 % .%00.000

Dneas de "roducci?n .000.000 00.000 0 1.$00.000 % /.%0.000'al"?n $.000.000 $00.000 0 1./00.000 % /.000.000

5otal 2.000.000 2.00.000 0 ./00.000 20.2%0.000'anancia de Ca"ital ./00.000

N%e!e ;e !e " #n')#($ en )"! #n+e!#$ne! )" "n;#'#", p$;e (e "'e($ ") enn'#"($ e! n "'%#+$#n%"n-#*)e ;e !e pe(e (epe'#". A) '"*$ (e 10 "$!, e!" "n;#'#" ep#" p$ )$ %"n%$ +")e 'e$. E) e!%$(e )$! "'%#+$! %#ene n +")$ e!#(") (#!%#n%$ (e 'e$. E!%$ -ene" n" -"n"n'#" (e '"p#%") ;e e!%& !e%" "#mpe!%$, ;e "!'#en(e " G"n"n'#" (e C"p#%") M V")$ Re!#(") \ V")$ L#*$ M 4.600.000. =e e!%" m#!m"%"*)" !e (e('e ;e )" (e(" "!'en(e& " 20.250.000 ?75 (e )"! #n+e!#$ne!@. Le-$, p$(em$! '")')" )"%"*)" (e (e!"$))$ (e )" (e("

*$+*, '()

+Bo (euda Intereses +morti:aci?n (eudaInicial Final

1 20.2%0.000 2.02%.000 0 20.2%0.0002 20.2%0.000 2.02%.000 0 20.2%0.0003 20.2%0.000 2.02%.000 0 20.2%0.000 20.2%0.000 2.02%.000 3.3%.000 1/.$%.000% 1/.$%.000 1./$.%00 3.3%.000 13.%00.000/ 13.%00.000 1.3%0.000 3.3%.000 10.12%.000 10.12%.000 1.012.%00 3.3%.000 /.%0.000

$ /.%0.000 /%.000 3.3%.000 3.3%.000 3.3%.000 33.%00 3.3%.000 010 0 0 0 0

5otal 13.1/2.%00 20.2%0.000

="n%e )$! p#me$! %e! "$! n$ !e "m$%#>", !e p"-"n !$)"men%e #n%ee!e! ?10 "n")@. A p"%# (e)'"%$ "$ !e '$m#en>" "m$%#>" )" (e(" en !e#! '$%"! #-")e! (e '"p#%") (e 3.375.000 ?20.250.000F6@,p"-&n($!e '"(" "$ %"m*#n )$! #n%ee!e!.

O%$ )$ e)e+"n%e e! e) '"p#%") (e %"*"$, ;e e;#+")e " '"%$ me!e! (e '$!%$ +"#"*)e e')en($'$m#!#$ne! -"!%$! #n"n'#e$!. H" ;e '$n!#(e" ;e en '#e%$! "$! e) n#+e) (e p$(''#n "men%", p$)$ ;e !e #n'emen%" e) '"p#%") (e %"*"$. /"" '")')" e) '"p#%") (e %"*"$ #n#'#"), e) p#me "$ %enem$! n"

p$(''#n "n") (e 20.000 *$%e))"! "!m#m$! ;e e) '$mp$%"m#en%$ (e )" p$(''#n e! $m$-ne$, p$)$ ;e )" p$(''#n men!") e! (e 1.667 *$%e))"!, $ (e 6.667 *$%e))"! en '"%$ me!e!, )$ ;e '$!%e"($ "135 )" n#("( ?752535@, e(n(" en n '"p#%") (e %"*"$ #n#'#") (e 900.000. C"(" "$ en ;e !e p$('en "men%$ (e p$(''#n !e p$('e n #n'emen%$ (e) '"p#%") (e %"*"$, )$ ;e !e '")')" en )" !#-#en%e%"*)"



38/64

C,!,/ *$ %,,O '()

+Bo Producci?n Producci?n Costo Ca"ital de 7ariaci?n+nual Mensual ,nitario 5ra9ajo

1 20.000 1.// 13% 00.000 00.000

% 2$.000 2.333 13% 1.2/0.000 3/0.000 30.000 2.%00 13% 1.3%0.000 0.000

/$(em$! +e ;e !e p$('en #n'emen%$! (e) '"p#%") (e %"*"$ )$! "$! 1 ?#n#'#")@ 5 9. H" ;e %ene'#("($ '$n e) e'$ (e ;e e!%$! #n'emen%$! !$n e;e#($! " p#n'#p#$ (e '"(" "$, p$ )$ ;e !e'$n!#(e"n (en%$ (e )$! )$! (e '"" en )$! pe"'#$ne! (e (e(". E!%$! )$! (e '"" !eme!%"n en )" !#-#en%e p&-#n".

E) )$ (e '"" ne%$ '")')"($ e! )$ ;e ;e(" p"" )$! #n+e!#$n#!%"!, (e!p! (e p"-" )$! #n%ee!e! "m$%#>"'#$ne!, !e (e*e (e!'$n%" en e!%e '"!$ ") 12, )$ ;e en%e-" n VAN (e 16.552.644. ="($ ;ee) p$e'%$ %#ene VAN p$!#%#+$, e! (e'#, '*e en e'e!$ e) '$!%$ (e $p$%n#("( (e) '"p#%") e#-#($ " )"#n+e!#n (e 12, '$n+#ene "'e e) p$e'%$.

F/+O *$ C,, F!","C!,*O '()

0 1 2 3 % /

Producci?n ,nidades) 20.000 20.000 20.000 20.000 2$.000 2$.000 2Precio ) %$0 %$0 %$0 %$0 %$0 %$0

7entas 11./00.000 11./00.000 11./00.000 11./00.000 1/.20.000 1/.20.000 1/.2Costos o"eracionales #2.00.000 #2.00.000 #2.00.000 #2.00.000 #3.$0.000 #3.$0.000 #3.$Comisi?n de ventas #1.000 #1.000 #1.000 #1.000 #23./00 #23./00 #2Costo 6ijo #2.%00.000 #2.%00.000 #2.%00.000 #2.%00.000 #2.%00.000 #2.%00.000 #2.%0Intereses #2.02%.000 #2.02%.000 #2.02%.000 #2.02%.000 #1./$.%00 #1.3%0.000 #1.01(e"reciaci?n #2.00.000 #2.00.000 #2.00.000 #2.00.000 #2.00.000 #2.00.000 #2.0'anancia de ca"ital

,tilidad antes de im"uestos 1.%01.000 1.%01.000 1.%01.000 1.%01.000 %.32$.00 %.///.00 /.00Im"uestos 1) #2%%.10 #2%%.10 #2%%.10 #2%%.10 #0%.13 #/3.2$$ #1.02

,til idad des"us de im"uestos 1.2%.$30 1.2%.$30 1.2%.$30 1.2%.$30 .22.$ .03.112 .$

(e"reciaci?n 2.00.000 2.00.000 2.00.000 2.00.000 2.00.000 2.00.000 2.0'anancia de ca"italInversi?n activo 6ijo #2.000.0008ecu"eraci?n valores residualesInversi?n ca"ital de tra9ajo #00.000 #3/0.0008ecu"eraci?n ca"ital de tra9ajoPrstamo 20.2%0.000+morti:aci?n de deuda 0 0 0 #3.3%.000 #3.3%.000 #3.3%.000 #3.3

Flujo de caja neto #./%0.000 3.%.$30 3.%.$30 3.%.$30 210.$30 3..$ .02$.112 .30

7+N 12) 1/.%%2./



39/64

18. ECONOM%A CON CERTIDUM)RESp$n-" ;e e#!%e n" e'$n$m"$ p"-$?(


40/64

NN " !"*#en("! (e )$! '$n$'#m#en%$! ;e U(. " "(;##($ en )"! )%#m"! ')"!e! )e " pe(#($ " !%e( ;e'")')e )$! e;e#m#en%$! (e '"p#%") (e %"*"$ ;e %en(& p"" e) '$m#en>$ (e )" $pe"'#n ;e,!p$n#en($ ;e e!%e "'#n ;e !e-#& )" empe!" e! e) )#ne").

L"! +en%"! e!pe"("! (e) p$('%$ ;e +" " "*#'" !$n )"! ;e #-"n en e) !#-#en%e '"($

Ven%"! e!pe"("! ?(!.@

A$ 1 100A$ 2 120

A$ 3 150

A$ 4 160



41/64

E) pe'#$ (e +en%" p"" e!%e "$ e! (e 2.100 .m. )" empe!" #n'emen%"& !! pe'#$! n 4 en e)!e-n($ "$ n 3 en )$! "$! %e'e$ '"%$.

L" empe!" p"" "*#'" !%e p$('%$ ne'e!#%"& '$mp" 3 %#p$! (e m"%e#" p#m", ! '$n!m$ !e& e)!#-#en%e

:"%e#" p#m" 1 ?(!. m$ne%"#"!@ 40.000:"%e#" p#m" 2 ?(!. m$ne%"#"!@ 25.000:"%e#" p#m" 3 ?(!. m$ne%"#"!@ 15.000

A(em&! ne'e!#%" '$mp" epe!%$! p$ +")$ (e 20.000 .m., em*")"e! p$ 1.000 .m. en+"!e! p$ 2.500.m.. L$! p$+ee($e! "men%"&n e) pe'#$ (e e!%$! "'%$e! p$('%#+$! n 2,5 e) !e-n($ "$ n 2en )$! !#-#en%e! "$!.

L$! !")"#$! " p"-" e) p#me "$ !e


42/64

ESORERQA 19000 19.053 19.435 19.823 20.220

/ASIVO CIRCULANE /ROVEE=ORES 48.000 50.220 52.814 55.572HACIEN=A 12.000 13.107 19.814 27.232

C$n e!%$! ("%$!, !e (e!e" '$n$'e )$! )$! (e '"" (e) p$e'%O

22. CALCULE PUNTEADO

C$n!#(ee e) !#-#en%e p$e'%$ '$n )"! !#-#en%e! '""'%e

p$!%e#$men%e !*#& " 600. L"! #n+e!#$ne! e;e#("! !$n een$! 12,000,000 O*"! D"'#n (e A'%#+$! In%"n-#*)e! e! en 5 "$!. L$! -"!%$! (e pe!%" en m"'" "!'#en(en "

2,000,000. Se %$m" n )e"!#n- p"" )" m";#n"#" ;e +")e 38,000,000 p"" n p)">$ (e 8 "$! " n" %"!" (e

10 "n"). A!#m#!m$ !e %$m" n p!%"m$ (e 40,000,000 p"" n p)">$ (e 8 "$! " n" %"!" (e 8 "n"). In+e!#n en '"p#%") (e %"*"$, 6 me!e! (e) '$!%$ %$%") (e!em*$)!"*)e ?n$ '$n!#(e" -"!%$!

#n"n'#e$! n# e) )$ (e) )e"!#n-@. Se !"*e ;e " p"%# (e) $'%"+$ "$ )"! %#)#("(e! (e )" empe!" !e&n e!%"*)e!. Sp$n-" ;e )"

empe!" n$ %em#n" (e $pe" ") %m#n$ (e )$! 8 "$! (e) $#>$n%e (e e+")"'#n. L" "!" (e Impe!%$! " )"! %#)#("(e! e! 17. L" %"!" (e (e!'en%$ e! 10.

Se p#(e ;e '")')e e) )$ (e '"".

23. PROPUESTA MA! MINERA



43/64

/1@ U(. e! $ n p!pe$ empe!"#$ en e) ne-$'#$ (e Imp$%"'#n +en%" (e :";#n"#"!. E!%e ne-$'#$,;e !e en'en%" en 'e'#m#en%$, )e -ene" n" en%"*#)#("( (e) 15. S#n em*"-$, en e) )%#m$ %#emp$ !e "n-ene"($ ne+"! $p$%n#("(e! (e ne-$'#$ ;e U(. pe%en(e e+")", n" (e e))"! e! en%" en e) ne-$'#$ (e"#en($ (e m";#n"#"! p"" empe!"! m#ne"!.

L" C$mp"$ 7 "n").

2.1. Solucin

In-e!$! 32 UD 12 M 384 UDF"$

G"!%$! en Ope"#$ 300.00012F16.000 ?UDF@ M 225 UDF"$

C$!%$ Re)e+"n%e (e) e;#p$ p"" (e#n# )" In+e!#n M US 35.000 0 1531,3 UD.

V")$ Re!#(") U3.500 M B153,1 UD ") "$ 7.

=epe'#"'#n M ?35.000 3.500@ F 7 M US 4.500B M 196,9BUD

E) "'%#+$ !e p$(


44/64

En /e!$!


0 1 2 3 %

Ingresos 0 6.144.000 6.144.000 6.144.000 6.144.000 6.144.000

Gasto Operario 0 -3.600.000 -3.600.000 -3.600.000 -3.600.000 -3.600.000Gastos de Mantecin 0 -576.000 -576.000 -576.000 -576.000 -576.000Depreciacin 0 -3.150.400 -3.150.400 -3.150.400 -3.150.400 -3.150.400

Utilidad antes Imp. 0 -1.1!.400 -1.1!.400 -1.1!.400 -1.1!.400 -1.1!.400

Imp"esto 0 0 0 0 0 0

Ut. desp"es de Imp. 0 -1.1!.400 -1.1!.400 -1.1!.400 -1.1!.400 -1.1!.400

Depreciacin 0 3.150.400 3.150.400 3.150.400 3.150.400 3.150.400

#$rdida de %apital 0 0 0 0 0 0

&l"'o Operati(o 0 1.)6.000 1.)6.000 1.)6.000 1.)6.000 1.)6.000

In(ersin -!4.500.00

*alor +esid"al 0 0 0 0 0 .750.400

&l"'o de %apitales -!4.500.00 0 0 0 0 .750.400

&l"'o de %a'a -!4.500.00 1.)6.000 1.)6.000 1.)6.000 1.)6.000 10.71.400&l"'o ,ct"aliado -!4.500.00 1.711.304 1.4.0)1 1.!)3.))! 1.1!5.!10 5.3!.)3)

*, -13.553.!63

Imp"esto 0/15

asa Dcto 0/15


45/64

En UD

24.GALPN

/"" "'e e) m"n%en#m#en%$, )" empe!" $'p" n -")pn (e ! p$p#e("(, *#'"($ " 2 #)me%$! (e )"p)"n%". E) -")pn %#ene n +")$ '$me'#"), #n')#($ e) %een$, (e 350 m#))$ne!, n +")$ '$n%"*)e ?$ (e)#*$!@ (e 320 m#))$ne! ?80 m#))$ne! e) %een$ 240 m#))$ne! )" '$n!%''#n@. E) -")pn !e '$n!% "'e(#e> "$!, '"n($ !e (e'#(# "'e e) m"n%en#m#en%$ #n%en$, )e e!%" n" +#(" %#) %#*%"#" (e 5 "$!.A(em&!, en e) m"n%en#m#en%$ !e $'p" m";#n"#" )#+#"n" m$*#)#"#$ "(;##($! en 70 m#))$ne! "'e 10"$!, )$! ;e !e en'en%"n '$mp)e%"men%e (epe'#"($!, pe$ !e p$(" e) m"n%en#m#en%$, %"n%$ e) -")pn '$m$ )" m";#n"#" e) m$*#)#"#$ p$(", )" empe!" (e*e& p"-" n (e!"'#$ e;#+")en%e " $'$ me!e! (e !e)($ " )$!%"*""($e! ;e (e"1%

5asa (cto 0>1%


46/64

24.1. Solucin

0 1 2 3 4 5 6G"n"n'#" ?p(#("@ (e '"p#%") 50:"$ '$!%$ 82 82 82 82 82 82

=e!"'#$ pe!$n") m"n%en'#n 8:en$ (epe'#"'#n 48 48 48 48 48:"$ ?men$@ %#)#("( *%" 42 34 34 34 34 34 82Impe!%$ 6,3 5,1 5,1 5,1 5,1 5,1 12,3:"$ ?men$@ %#)#("( ne%" 35,7 28,9 28,9 28,9 28,9 28,9 69,7?G"n"n'#"@ p(#(" (e '"p#%") 50 0 0 0 0 0 0:en$ (epe'#"'#n 0 48 48 48 48 48 0V")$ e!#(") 370DLUO =E CAA 355,7 76,9 76,9 76,9 76,9 76,9 69,7

VAN 27,70N$ '$n+#ene e%en")#>" )" m"n%en'#n

"m*#n !e pe(e e!$)+e en %e! p"!$!1. DC S#%"'#n !#n p$e'%$2. DC S#%"'#n '$n p$e'%$3. =#een'#" ?2@ ?3@

1. DC S#%"'#n !#n p$e'%$

0 1 2 3 4 5 6G"n"n'#" ?p(#("@ (e '"p#%")C$!%$ 56 56 56 56 56 56

=e!"'#$ pe!$n") m"n%en'#n=epe'#"'#n 48 48 48 48 48U%#)#("( *%" 0 104 104 104 104 104 56Impe!%$ 0 15,6 15,6 15,6 15,6 15,6 8,4U%#)#("( ne%" 0 88,4 88,4 88,4 88,4 88,4 47,6?G"n"n'#"@ p(#(" (e '"p#%") 0 0 0 0 0 0 0=epe'#"'#n 0 48 48 48 48 48 0V")$ e!#(")DLUO =E CAA 0 40,4 40,4 40,4 40,4 40,4 47,6

2. DC S#%"'#n '$n p$e'%$

0 1 2 3 4 5 6G"n"n'#" ?p(#("@ (e '"p#%") 50C$!%$ 138 138 138 138 138 138=e!"'#$ pe!$n") m"n%en'#n 8=epe'#"'#nU%#)#("( *%" 42 138 138 138 138 138 138Impe!%$ 6,3 20,7 20,7 20,7 20,7 20,7 20,7U%#)#("( ne%" 35,7 117,3 117,3 117,3 117,3 117,3 117,3



47/64

?G"n"n'#"@ p(#(" (e '"p#%") 50 0 0 0 0 0 0=epe'#"'#n 0 0 0 0 0 0 0V")$ e!#(") 370DLUO =E CAA 355,7 117,3 117,3 117,3 117,3 117,3 117,3

3. =#een'#" ?2@ ?3@

0 1 2 3 4 5 6G"n"n'#" ?p(#("@ (e '"p#%") 50 0 0 0 0 0 0:"$ '$!%$ 0 82 82 82 82 82 82=e!"'#$ pe!$n") m"n%en'#n 8 0 0 0 0 0 0:en$ (epe'#"'#n 0 48 48 48 48 48 0:"$ ?men$@ %#)#("( *%" 42 34 34 34 34 34 82Impe!%$ 6,3 5,1 5,1 5,1 5,1 5,1 12,3:"$ ?men$@ %#)#("( ne%" 35,7 28,9 28,9 28,9 28,9 28,9 69,7?G"n"n'#"@ p(#(" (e '"p#%") 50 0 0 0 0 0 0:en$ (epe'#"'#n 0 48 48 48 48 48 0

V")$ e!#(") 370 0 0 0 0 0 0DLUO =E CAA 355,7 76,9 76,9 76,9 76,9 76,9 69,7

VAN 27,70N$ '$n+#ene e%en")#>" )" m"n%en'#n

25. AMIGO E INVERSIONS0/@ 0 0 ;9@ 0 9


48/64

C")')e e) )$ (e '"" (e) p$e'%$ (e n" e'$men("'#n " ! "m#-$ !$*e )" '$n+en#en'#" (e e")#>" e)p$e'%$. Sp$n-" ;e n$ e#!%en #mpe!%$!.

25.1. Solucin

=e) m#!m$ m$($ ;e en e) eemp)$ 2, (e*em$! '$ne''#$n" n )$ (e '"". E) e!)%"($ $*%en#($ !eme!%" en )" !#-#en%e %"*)"

0 1 2 3 4 5

!nresos (28800 (3000 (4800 (158400 (1500 (172800

Costos (25300 (3125 (5925 (139150 (145475 (151800

*epreciaciones (200 (200 (200 (200 (200 (200

Capital (8300

+tilidad ,ntes !6puestos (900 (1775 (5275 (150 (17525 (10100

!6puestos '15) (135 (2 (791 (2498 (229 (1515

+ ilidad *espus !6pues os 75 1509 4484 14153 1489 8585

*epreciaciones (200 (200 (200 (200 (200 (200

Capital (8300

FCO (335 (4109 (7084 (1753 (1749 (19485

!nersiones (2700

#alor residual (10700

FCC - 2700 0 0 0 0 0 10700

FC - 2700 335 4109 7084 1753 1749 30185

#" '14) (1052.34

!% 27

L$! pn%$! #mp$%"n%e! (e !%e p$*)em" !$n e) '&)')$ (e )"! (epe'#"'#$ne! (e )" G/ (e C"p#%").Re")#>"em$! e) '&)')$ p"" '"(" n$ (e )$!


49/64

/"" $*%ene e) +")$ (e )" G"n"n'#" $ /(#(" (e '"p#%") (e !%$! "'%#+$!, e! ne'e!"#$ '$n$'e e) +")$ (ee+en%" (e e!%"!, e) '") en !%e '"!$ e! (e 1.500 d:. Le-$ !e %#ene

( ) [ ]"00500.1200.16600."1

MVRDVAVRVLCapitalPrdida t

ti

i

ittt ==

==

=

=

En !%e '"!$ %"m*#n e! p(#(" (e '"p#%") ?m$%#+$! ep)#'"($! "n%e#$men%e@.

VK


50/64

G"n"n'#"! (e C"p#%") 650M D)$ (e C"" Ope"'#$n") 0 114,00 385,55 536,93 628,53

D)$ (e C"p#%")e!0 1 2 3 4

In+e!#n D#" 1300 650 V")$ Re!#(") (e A'%#+$! 1300 C"p#%") (e "*"$ 600 Re'pe"'#n (e C"p#%") (e "*"$ 600 /e!%"m$! 1000 Am$%#>"'#$ne! 215,50 237,05 260,76 286,83M D)$ (e C"p#%")e! 900 215,50 887,05 260,76 1613,17

D)$ (e C""

D)$ (e C"" Ope"'#$n") 0,00 114,00 385,55 536,93 628,53 D)$ (e C"p#%")e! 900,00 215,50 887,05 260,76 1613,17M D)$ (e C"" /#+"($ 900 101,50 501,5 276,17 2241,7005

L" "!" (e C$!%$ (e Op$%n#("( p"" e) empe!"#$ e! (e 8 e") "n").

E) empe!"#$ )e p#(e " U(. ;e )e e'$m#en(e !# '$n+#ene $ n$ "'e e) p$e'%$, '$men%&n($)e !# e#!%en

$%"! $p'#$ne! ;e !e"n m&! '$n+en#en%e! ;e )" ;e ) " '$n!#(e"($. /"" %") ee'%$, U(. (e*e e")#>"

)$! !#-#en%e! '&)')$!

?2.0 p%!.@ C")')" e) V")$ /e!en%e Ne%$ (e) /$e'%$ )" IR. Re'$men(" !# *"$ e!%e e!'en"#$ )e

'$n+#ene e")#>" e) p$e'%$.

?1.0 p%!.@ S# e) p$e'%$ p(#e" epe%#!e #n(e#n#("men%e en e) %#emp$, B!e


51/64

26.1. Solucin

/"%e "@

0 1 2 3 4

In-e!$! $pe"'#$n")e! 500 800 1000 1200 G"n"n'#"! (e C"p#%") 650 C$!%$! $pe"'#$n")e! 286 336 386 386 In%ee!e! (e '(#%$ 100 78,45 54,75 28,67 =epe'#"'#n Le-") 260 260 390 390 /(#(" (e) Ee'#'#$ "n%e#$ 146 20,45M U%#)#("( (e+en-"(" 0 146 20,45 148,8 1045,33 Impe!%$ " )" Ren%" ?15@ 0 0,00 0,00 22,32 156,80M U%#)#("( Ne%" 0 146,00 20,45 126,48 888,53 =epe'#"'#n Le-") 260 260 390 390 /(#(" (e) Ee'#'#$ "n%e#$ 146 20,45 G"n"n'#"! (e C"p#%") 650

M D)$ (e C"" Ope"'#$n") 0 114,00 385,55 536,93 628,53

In+e!#n D#" 1300 650 V")$ Re!#(") (e A'%#+$! 1300 C"p#%") (e "*"$ 600 Re'pe"'#n (e C"p#%") (e "*"$ 600 /e!%"m$! 1000 Am$%#>"'#$ne! 215,50 237,05 260,76 286,83M D)$ (e C"p#%")e! 900 215,50 887,05 260,76 1613,17

D)$ (e C"" Ope"'#$n") 0,00 114,00 385,55 536,93 628,53 D)$ (e C"p#%")e! 900,00 215,50 887,05 260,76 1613,17M D)$ (e C"" /#+"($ 900 101,50 501,5 276,17 2241,7005

#@ C= I?6 /"" '")')" '$%"! #-")e! %#)#>"m$! e) D"'%$ (e Re'pe"'#n (e C"p#%")C$%" M 315,5/!%"m$ M 1000 DRCM F d ?1@n 1 '$n n M 4 ?"$!@/e


52/64

##@ C= D/?


53/64

M D)$ (e C"" /#+"($ 1900 214,00 209,7 580,4 2552,9

C&)')$ (e) V/N

V/N M 455,56

27. CALCULAR FC CORTO

C")')" e) )$ (e '"" " p"%# (e )$! !#-#en%e! ("%$!

A$ 0 1 2 3 4 5

=ESE:JOLSO 22.000

INGRESOS 30.000

GASOS 20.000

ACIVO CIRCULANE 1.500 3.000 3.500 3.800 4.000 4.500

/ASIVO CIRCULANE 1.000 1.500 2.000 2.000 2.500

E) pe'#$ (e +en%" !*#& "n")men%e n 5, m#en%"! ;e )$! '$!%e! !e #n'emen%"&n n 3 )$! ($!p#me$! "$! n 2 )$! !#-#en%e!. L" "m$%#>"'#n !e& )#ne") $*%en#en($ n +")$ e!#(") #-") ") 10(e) '$!%e. L" %"!" #mp$!#%#+" "!'#en(e ") 35.

28.CAMPERAE) p$p#e%"#$ (e )" empe!" CA:/ERA,S.A. !e p)"n%e" )" p$!#*#)#("( (e "mp)#" e) ne-$'#$ #n'$p$"n($ "! p$(''#n %"m*#n )" "*#'"'#n (e '")>"($!. /"" e))$ ne'e!#%" e")#>" $*"! (e "'$n(#'#$n"m#en%$ p$18.000 e$!. A!< m#!m$ !e ne'e!#%" '$mp" m";#n"#" p$ #mp$%e (e 88.230 e$!, "m$%#>&n($!e (e$m" )#ne") ("n%e )$! (#e> "$! (e ! +#(" %#), m$men%$ en e) ;e " n$ %en(& +")$ e!#(") ")-n$.

"m*#n e! ne'e!"#$ ");#)" )" n"+e '$n%#-" p$ 14.200 e$! "n")e!, p"-"(e$! " p#n'#p#$! (e '"(""$.

L" ne+" #n+e!#n pem#%e e!%#m" n "men%$ (e )"! +en%"! "n")e! (e) ne-$'#$ (e 169.920 e$!, !#en($p"" e))$ ne'e!"#$ "men%" )$! -"!%$! (e m"%e#"! p#m"! en 81.000 e$! "n")e! )$! -"!%$! (e pe!$n")en 36.700 e$! ") "$. A(em&! )$! -"!%$! (e )> p"!"&n (e 3.520 " 5.984 e$!, m"n%en#n($!e e) e!%$ (e-"!%$! -ene")e! en 4.820 e$!. L$! -"!%$! (e#+"($! (e )" #n"n'#"'#n (e) ne+$ p$e'%$ !p$nen np"-$ "n") (e 30.000 e$! (e )$! ;e 3.000 '$e!p$n(en " #n%ee!e! *"n'"#$!.



54/64

Se pe+ n" ("'#n (e 10 "$! p"" e!%e ne-$'#$.

S# e) %#p$ #mp$!#%#+$ !$*e *ene#'#$! e! e) 35, e) '$!%e (e '"p#%") p"" )" empe!" !e m"n%#ene en e) 12"'%"), B!e" e)

p$e'%$.

29.1. Solucin

D)$ (e C"" 0 1 2 3 4 5 6In-e!$! 28.800 36.000 64.800 158.400 165.600 172.800G. =e C"p 1.300C$!%$! 25.300 31.625 56.925 139.150 145.475 151.800=epe'#"'#n 2.600 2.600 2.600 2.600 2.600 2.600U Ne%"! 900 1.775 5.275 16.650 17.525 17.100

=ep 2.600 2.600 2.600 2.600 2.600 2.600G. =e '"p 1.300D $pe"'#$n") 3.500 4.375 7.875 19.250 20.125 18.400In+e!#n 27.600Re+en%" 10.700D '"p#%")e! 27.600 0 0 0 0 0 10.700



55/64

DC 27.600 3.500 4.375 7.875 19.250 20.125 29.100V/N?14@ 65.315,27 14

3(. PLANTA DE CONCENTRADOS

Se p)"n%e" )" p$!#*#)#("( " n -p$ (e #n+e!#$n#!%"! (e e!%"*)e'e n p$e'%$ (e ")#men%$! '$n'en%"($!p"" "n#m")e! "!< "%en(e )" (em"n(" (e) me'"($ n"'#$n") ep$%" e) e'e(en%e (e )" p$(''#n,e!%#m"($ en n 30, " p""'#n p)en". E) pe'#$ (e +en%" p$%$ne)"(" !e e!%#m" en 140,000.

2. E) $#>$n%e (e) p$e'%$ !e " e!%#m"($ en 10 "$!, e) p#me$ p"" )" #n!%")"'#n, )$! 8 !#-#en%e! (en'#$n"m#en%$ e) )%#m$ (e )#;#("'#n.

3. E) m$n%$ (e )"! #n+e!#$ne! e! e) !#-#en%e

". Se "(;#ee n %een$ p$ 70h000,000

*. /"" )" '$n!%''#n (e #n!%")"'#$ne! "*#)e!, $#'#n"! "(m#n#!%"%#+"!, *$(e-"!, +


56/64

. E) ee'%#+$ !e e!%#m" en 15 (" (e !e-$ '" p#m" "n") "!'#en(e " 22h500,000 p"" )" p$%e''#n (e )"!#n!%")"'#$ne! "*#)e!.

. L$! #mpe!%$! (e #n(!%#" '$me'#$ pe(#") !m"n ") "$ 12h000,000.

. E) '$!%$ (e )" nm#n" "(m#n#!%"%#+" e! (e 160h000,000 ") "$.

). L$! -"!%$! (e +en%"! !e e!%#m"n en 1O (e )"! +en%"! "n")e!.



57/64

5. Se e'#*e n '(#%$ " 6 "$!, p$ 255 m#))$ne!, '$n n "$ me%$ n" %"!" (e #n%e! (e $men%$ (e)32 "n"). E) '(#%$ !e p"-"& '$n '$%"! #-")e!.

6. E) pe'#$ (e +en%" p$ %$ne)"(" !e " '")')"($ en 140,000.

7. L" empe!" %#ene n" '"p"'#("( #n!%")"(" mm" (e 60,000 %$n ") "$.

8. L"! pe!%"'#$ne! !e e!%#m"n en n 45.

9. L$! "'%#+$! (epe'#")e! %#enen ") )#;#("!e e) p$e'%$ n +")$ '$me'#") e;#+")en%e ") 20 (e ! +")$(e '$mp".

31. PLANTA PROCESADORA DE MANGOUn -p$ (e #n+e!#$n#!%"! e!%& #n%ee!"($ en "(e)"n%" n p$e'%$ en ($n(e !e pe%en(e #n!%")" n"

pe;e" p)"n%" p$'e!"($" (e p)p" (e m"n-$, ("(" )" "*n("n'#" (e )" %" en )" e-#n en )"(#!p$n#*#)#("( (e m"n$ (e $*".

Un e!%(#$ pe)#m#n" "$ )$! !#-#en%e! e!)%"($!

1. A) !e n" epe#en'#" ne+", !e " (e'#(#($ )#m#%" e) p$e'%$ " 6 "$! En e) p#me "$ !ee)"*$"&n )$! e!%(#$! '$mp)emen%"#$! !e ne-$'#"&n )$! e;#p$! ?S$n )"! #n+e!#$ne! ") #n#'#$ (e)p$e'%$@. E) p$e'%$ n'#$n"& ("n%e '#n'$ "$! !e )#;#("& en e) )%#m$. Se e!%#m" ;e e) +")$ (e!")+"men%$ (e )$! e;#p$! !e& (e) 40 (e ! +")$ (e '$mp".

2. L" '"p"'#("( #n!%")"(" %$%") !e " '")')"($ en 500 %$ne)"("! p$ "$.

3. E) pe'#$ (e +en%" en e) me'"($ e! (e 100.000 p$ %$ne)"("

4. E) '$!%$ e!%#m"($ p"" p$'e!" n" %$ne)"(" (e %" e! (e 50.000 (e )$! '")e! n 85 e! '$!%$+"#"*)e. L$! '$!%$! #$! !$n e) 15 (e) '$!%$ #n!%")"($ p"" p$'e!" )" %".

5. L"! #n+e!#$ne! e;e#("! !$n

E;#p$ 70h000.000

E!%(#$! -"!%$! (e m$n%"e 4h000.000C"p#%") (e %"*"$ 3h000.000

6. L$! #n+e!#$n#!%"! "p$%"&n 50 m#))$ne! )"! ne'e!#("(e! "(#'#$n")e! (e '"p#%") !e '*#&n '$n n'(#%$ (e 27 m#))$ne!, p"-"(e$ en %e! "$! '$n '$%"! #-")e!, '$n n "$ (e -"'#" n" %"!" (e#n%e! (e) 15 "n").



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7. L" %"!" (e #mpe!%$ p"" e!%" #n(!%#" e) (e) 30

8. L$! p)"ne! (e p$(''#n +en%"! e!%&n ("($! p$ )" %#)#>"'#n (e )" '"p"'#("( #n!%")"(" en n 80p"" e) p#me "$ (e n'#$n"m#en%$ 90 p"" e) !e-n($ 100 (e "))< en "(e)"n%e.

9. L$! "'%#+$! #$! !e (epe'#"&n en '#n'$ "$! )"! #n+e!#$ne! !e (#e#&n en '#n'$ "$!.

10.N$ !e '$n!#(e"& )" #n)"'#n.

Se e;#ee '$n$'e )$! )$! (e ee'%#+$ (e e!%e p$e'%$ ? S#n #n"n'#"'#n '$n #n"n'#"'#n@.

JALANCE /RELI:INAR

L" #n+e!#n (e )$! !$'#$! (e 50h000.000 '$n!%#%e e) p"%#m$n#$ (e )" empe!".Sm"($ " )$! 27h000.000 (e) '(#%$ pem#%#& '*# )"! #n+e!#$ne! #n#'#")e! (eA'%#+$! #$! 70h000.000=#e#($! 4h000.000C"p#%") (e %"*"$ 3h000.000

JALANCE INICIAL ?m#)e! @

ACIVOS /ASIVOS

C"" 3h000 O*)#-"'#$ne! 27h000

=#e#($! 4h000 /"%#m$n#$ 50h000

A'%#+$! #$! 70h000

C$n *"!e en )" '"p"'#("( (e )" p)"n%", )$! pe'#$! (e#n#($!, e")#>"em$! n e!%#m"($ (e +en%"!.

VENAS

0 1 2 3 4 5

C"n%#("(e! ?%$n@ 400 450 500 500

Ven%"! 40h000 45h000 50h000 50h000

En e) p#me "$ n$ " p$(''#n, )" '") !e #n#'#" en e) !e-n($ "$ '$n%#n" "!%" e) !e%$ "$,#n'emen%&n($!e )" p$(''#n (e "'e($ " )" '"p"'#("( #n!%")"(". En e) !e%$ "$! !e e!pe" )#;#(" )"empe!". Ap"e'en )$! +")$e! (e +en%" (e )$! e;#p$! e'pe"'#n (e) '"p#%") (e %"*"$.



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/"" e")#>" e) "n&)#!#! e'$nm#'$ (e e!%e '"!$, ne'e!#%"m$! '$n#-" e) )$ (e '"" $ )$ (e ee'%#+$, e)'") #em$! '$n!%en($ " me(#(" ;e e")#'em$! e) "n&)#!#!.

/RESU/UESO =E INVERSIONES CON RECURSOS /RO/IOS ?m#)e! @

0 1 2 3 4 5 6A'%#+$! #$! 70h000 28h000

=#e#($! 4h000

C"p#%") (e %"*"$ 3h000 3h000

DLUO =E INVERSION 77h000 31h000

En e) )%#m$ "$ !e +en(en )$! e;#p$! !e e'pe" e) '"p#%") (e %"*"$ S$n #n-e!$!.

COSOS =E O/ERACION ?m#)e! @

0 1 2 3 4 5 6

C$!%$! #$! 3h750 3h750 3h750 3h750 3h750

C$!%$! +"#"*)e! 17h000 19h125 21h250 21h250 21h25

COSOS OALES 20h750 22h875 25h000 25h000 25h00

C$n e!%" "(" #n#'#") !e '$n%#n" '$n$m"n($ )$! )$! (e ee'%#+$, !"n($ )$! '"($! (e) m$(e)$e!m#($ $ !#mp)##'"($.

32. PRO&ECTO 5( MIL UNIDADESC$n!#(ee e) !#-#en%e p$e'%$ ;e '$n!#(e" p$!#*)e +en(e 50,000 n#("(e! ") "$ (e n p$('%$ " 500'"(" n" ("n%e )$! p#me$! ($! "$! " 600 " p"%# (e) %e'e "$, '"n($ e) p$('%$ !e ""'$n!$)#("($ en e) me'"($.E) e!%(#$ %'n#'$ (e#n# n" %e'n$)$-

L$! '$!%$! (e "*#'"'#n p$ n#("( !$n )$! !#-#en%e! :"n$ (e $*" 20, :"%e#")e! 35 C$!%$!In(#e'%$! 5. L$! '$!%$! #$! (e "*#'"'#n !e e!%#m"n en 2,000,000. L$! -"!%$! (e "(m#n#!%"'#n +en%"! !e e!%#m"n en 800,000 "n")e!. L$! -"!%$! (e +en%" +"#"*)e! '$e!p$n(en " '$m#!#$ne! (e) 2!$*e )"! +en%"!.L" #n+e!#n en '"p#%") (e %"*"$ !e e!%#m" en 4,000.Se $*%en(& n p!%"m$ (e 80,000,000 " n" %"!" (e #n%e! (e 8 ;e (e*e& !e p"-"(" en '$%"!"n")e! #-")e! ("n%e 8 "$!.L" %"!" (e #mpe!%$! " )"! %#)#("(e! e! 15 e) '$!%$ (e $p$%n#("( (e) '"p#%") e! 12.



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E) $#>$n%e (e e+")"'#n e! (e 10 "$!, " ;e !e '$n!#(e" ;e (e!p! )"! '$n(#'#$ne! (e me'"($!e&n m&! e!%"*)e! p$ )$ ;e e) +")$ pe!en%e (e )$! )$! %$! (e )" empe!" e! 139,000.C")')e e) )$ (e '"" e) +")$ pe!en%e ne%$.

2.1. Solucin! "#$ %$c&i"o #'c#l.

33. EMPRESA CA)LEUn" empe!" (e %e)e+#!#n p$ '"*)e !e en'en%" e!%(#"n($ )" '$n+en#en'#" (e #n+e%# en n

p$e'%$ (e "mp)#"'#n (e ! &e" (e !e+#'#$. L$! e!%(#$! %'n#'$! #n(#'"n ;e )" #n+e!#n#n#'#") !e

S# )"! epe'%"%#+"! (e !"#$! '$ne'%"($! ") !#!%em" e! )" ;e !e (e%"))" en e) '"($ Ni1, )" %"!" (e#mpe!%$ (e )" empe!" e! (e 10, e) $#>$n%e (e e+")"'#n (e) p$e'%$ e! (e 10 "$! )" %"!"(e!'en%$ e)e+"n%e e! (e 12, !e !$)#'#%" ;e

". C$n!%" e) )$ (e '"" (e) p$e'%$ ?50@.*. C")')e e) VAN (e) p$e'%$ ?20@.

C"($ Ni1 E!%#m"'#n (em"n(" ?!"#$! '$ne'%"($!@A$ Ni U!"#$!

C$ne'%"($!1234

5 " 10

150180270300

400

.1. Solucin! "#$ %$c&i"o #'c#l.



61/64

34. RENOVACIN DE E!UIPOSU(. (e!e" en$+" ! e;#p$ p$ $%$ m&! m$(en$ ;e pem#%# 9;/0 4250 4250 4250 10200F0 4250 4250 4250 10200VAN 17,535.8$

ALTERNATIVA ) >09?9?


62/64

VAN 18,2$2.23

FLUJO INCREMENTAL ALTERNATIVA )-A

A'O ( A'O 1 A'O 2 A'O 3 A'O 4I@? 3000 3000 3000 3000 /? 9;/0 10000 3300 3300 3300 5300I;/015 1500 495 495 495 795U. D/0 > 9;/0 8500 2805 2805 2805 4505I?9 16000F0 7500 2805 2805 2805 4505VAN 2,32(.54

9@ C$n'ep%$ (e TIR6 epe!en%" )" %"!" (e #n%ee! m&! ")%" ;e n #n+e!#$n#!%" p$(


63/64

L$! (e%e'%$e! !e (epe'#"n en 3 "$! Sp$n-" ;e "'%")men%e )" empe!" n$ pe(e (e!'$n%" !e !! %#)#("(e! )"! p(#("!

p$ $*$.

BC&) e! !#!%em" (e +#-#)"n'#" m&! '$n+en#en%e

5.1. Solucin?9 D ;? CIn+e!#n 3.000.000:"$e! In-e!$! 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000C$!%$ $p m"n% 200.000 200.000 200.000 200.000 200.000Ven%" (e%e'%$ 600.000"men%$ #mpe!%$! 45.000 45.000 45.000 195.000 285.000D)$ (e C"" 3.000.000 1.255.000 1.255.000 1.255.000 1.105.000 1.615.000

V")$ pe!en%e 1.878.517JAE 495.548

?9 B D ;?>:"$e! In-e!$! 800.000 800.000 800.000 800.000C$!%$ $p m"n% 250.000 250.000 250.000 250.000Ven%" (e%e'%$ 300.000=epe'#"'#n 500.000 500.000 500.000"men%$ %#)#("( 50.000 50.000 50.000 850.000"men%$ #mpe!%$ 7.500 7.500 7.500 127.500

F0 > CIn+e!#n 1.500.000:"$e! In-e!$! 800.000 800.000 800.000 800.000C$!%$ $p m"n% 250.000 250.000 250.000 250.000Ven%" (e%e'%$ 300.000"men%$ #mpe!%$! 7.500 7.500 7.500 127.500D)$ (e C"" 1.500.000 542.500 542.500 542.500 722.500

V")$ pe!en%e 342.594JAE 108.079



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?9 S@0?9>> //e#$($ 0 1 2 3U99>>:"$e! In-e!$! 600.000 600.000 600.000C$!%$ 1.250.000 1.250.000 1.250.000A$$ !e)($! -"(#"! 1.000.000 1.000.000 1.000.000"men%$ %#)#("( 350.000 350.000 350.000"men%$ #mpe!%$ 52.500 52.500 52.500

F0 > C

:"$e! In-e!$! 600.000 600.000 600.000C$!%$ 1.250.000 1.250.000 1.250.000A$$ !e)($! -"(#"! 1.000.000 1.000.000 1.000.000"men%$ #mpe!%$! 52.500 52.500 52.500D)$ (e C"" 1.250.000 297.500 297.500 1.547.500

V")$ pe!en%e 428.982JAE 172.500

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