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Una de las maquinarias, cuyo valor es de S/.10'000,000 debe reemplazarse cada ocho aos por otra similar. La mquina
El crecimiento de la produccin para satisfacer el incremento de las ventas requerira invertir S/.12'000,000 en obras fsi
Los costos fijos de fabricacin se estiman en S/.2'000,000, sin incluir depreciacin. La ampliacin de la capacidad har qu
Los gastos de administracin y ventas se estiman en S/.800,000 anuales, los primeros cinco aos, y en S/.820,000 cuando
mquinas en 10 aos.
Los activos intangibles se amortizan linealmente en cinco aos. Los gastos de puesta en marcha ascienden a S/.2'000,000
La inversin en capital de trabajo se estima en el equivalente a seis meses de costo total desembolsable.
La tasa de impuestos a las utilidades es de 15% y la rentabilidad exigida al capital invertido es de 12% .
Para la construccin del flujo de caja se proceder segn los siguientes tems:
Ingresos afectos a impuesto: Estn constituidos por los ingresos esperados por la venta de los productos, lo que se calcu
octavo ao.
Egresos afectos a impuestos: Corresponden a los costos variables resultantes del costo de fabricacin unitario por las un
Gastos no desembolsables: Estn compuestos por la depreciacin, la amortizacin de intangibles y el valor libro
AOS DE DEPRECIACION
Terrenos
S/. 40,000,000
galpon y construcciones
S/. 120,000,000
Equipos e Implementos
S/. 30,000,000
0
15
10
AMPLIACION AO 6
S/. 2,300,000
S/. 20
Materiales
S/. 12,000
S/. 32
Costos indirectos
S/. 2,500
CVU
S/. 2,314,500
CONCEPTO
INGRESOS
INGRESOS POR VENTAS
INGRESO POR VENTA DE ACTIVOS
EGRESOS AFECTOS A IMPUESTOS
COSTO VARIABLE
COSTOS ANUALES FIJOS
COMISION DE VENTAS
GASTOS ADMINISTRATIVO Y VENTAS
GASTOS NO DESEMBOLSABLES
S/. 5
S/. 57
1
S/.
66,000,000.00
S/.
S/.
11,100,000.00
14,500,000.00
DEPRECIACION
AMORTIZACION DE INTANGIBLES
VALOR LIBRO
UTILIDAD ANTES DE IMPUESTOS
IMPUESTOS
UTILIDAD DESPUES DE IMPUESTOS
AJUSTES POR NGASTOS NO DESEMBOLSABLES
DEPRECIACION
AMORTIZACION
VALOR LIBRO
INVERSIONES
INVERSION POR REEMPLAZO
INVERSION POR AMPLIACION
INVERSION POR CAPITAL DE TRABAJO
VALOR DE DESECHO
FLUJO DE CAJA
DAROS ADICIONALES
PRESTAMO
INETERES ANUAL
PERIODO DE PAGO (PRESTAMO)
SALDO DE LA DEUDA
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
80,000,000.00
72,478,819.15
64,355,943.84
55,583,238.50
46,108,716.73
35,876,233.22
24,825,151.03
12,889,982.27
CONCEPTO
INGRESOS
INGRESOS POR VENTAS
INGRESO POR VENTA DE ACTIVOS
EGRESOS AFECTOS A IMPUESTOS
COSTO VARIABLE
COSTOS ANUALES FIJOS
COMISION DE VENTAS
GASTOS ADMINISTRATIVO Y VENTAS
INTERES POR DEUDA
GASTOS NO DESEMBOLSABLES
DEPRECIACION
S/.
S/.
11,000,000.00
2,400,000.00
S/.
S/.
S/.
27,000,000.00
4,050,000.00
22,950,000.00
S/.
S/.
S/.
11,000,000.00
2,400,000.00
-
S/.
4,536,986.30
S/.
-188,648,109.59 S/.
36,350,000.00
S/. 202,000,000
S/.
CUOTA
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
80,000,000.00
8%
8
13,921,180.85
13,921,180.85
13,921,180.85
13,921,180.85
13,921,180.85
13,921,180.85
13,921,180.85
13,921,180.85
INTERESES
S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.
6,400,000.00
5,798,305.53
5,148,475.51
4,446,659.08
3,688,697.34
2,870,098.66
1,986,012.08
1,031,198.58
1
S/.
25,000,000.00
S/.
S/.
S/.
S/.
S/.
3,000,000.00
2,000,000.00
500,000.00
800,000.00
6,400,000.00
S/.
7,800,000.00
AMORTIZACION DE INTANGIBLES
VALOR LIBRO
UTILIDAD ANTES DE IMPUESTOS
IMPUESTOS
UTILIDAD DESPUES DE IMPUESTOS
AJUSTES POR NGASTOS NO DESEMBOLSABLES
DEPRECIACION
AMORTIZACION
VALOR LIBRO
INVERSIONES
INVERSION POR REEMPLAZO
INVERSION POR AMPLIACION
INVERSION POR CAPITAL DE TRABAJO
PRESTAMO
AMORTIZACION DE LA DEUDA
VALOR DE DESECHO
FLUJO DE CAJA
S/.
400,000.00
S/.
S/.
S/.
4,100,000.00
615,000.00
3,485,000.00
S/.
S/.
S/.
7,800,000.00
400,000.00
-
S/.
7,521,180.85
-44,350,000.00 S/.
4,163,819.15
S/.
121,200,000.00
S/.
S/.
3,150,000.00
80,000,000.00
S/.
cir y vender 50 mil unidades anuales de un producto a S/.500 cada una durante los dos primeros aos y a S/.600 a partir del tercer ao, cu
ha ascienden a S/.2'000,000 (ACTIVOS INTANGIBLES), dentro de los que se incluye el costo del estudio de viabilidad, que asciende a S/.800
embolsable.
os productos, lo que se calcula multiplicando el precio de cada unidad por la cantidad de unidades que se proyecta producir y vender cada
bricacin unitario por las unidades producidas, el costo anual fijo de fabricacin, la comisin de ventas y los gastos fijos de administracin
valor libro del activo que se vende para su reemplazo. La depreciacin se obtiene de aplicar la tasa anual de depreciacin a cada
DEPRECIACION
S/.
S/.
S/.
S/.
AUMENTO DE INVERSION
8,000.00
3,000.00 S/.
11,000.00
DEPRECIACION ADICIONAL
12,000.00
1200
12,200.00
S/.
0.5
2
1.2
3.7
12000
2500
costos fijos
11100000
14500
2
S/.
66,000,000.00 S/.
66,000,000.00 S/.
66,000,000.00 S/.
66,000,000.00
S/.
S/.
11,100,000.00 S/.
14,500,000.00 S/.
11,100,000.00 S/.
14,500,000.00 S/.
11,100,000.00 S/.
14,500,000.00 S/.
11,100,000.00
14,500,000.00
S/.
S/.
11,000,000.00 S/.
2,400,000.00 S/.
11,000,000.00 S/.
2,400,000.00 S/.
11,000,000.00 S/.
2,400,000.00 S/.
11,000,000.00
2,400,000.00
S/.
S/.
S/.
27,000,000.00 S/.
4,050,000.00 S/.
22,950,000.00 S/.
27,000,000.00 S/.
4,050,000.00 S/.
22,950,000.00 S/.
27,000,000.00 S/.
4,050,000.00 S/.
22,950,000.00 S/.
27,000,000.00
4,050,000.00
22,950,000.00
S/.
S/.
S/.
11,000,000.00 S/.
2,400,000.00 S/.
S/.
11,000,000.00 S/.
2,400,000.00 S/.
S/.
11,000,000.00 S/.
2,400,000.00 S/.
S/.
11,000,000.00
2,400,000.00
-
S/.
S/.
S/.
S/.
36,350,000.00 S/.
CUOTA
S/.
36,350,000.00 S/.
36,350,000.00 S/.
36,350,000.00
13,921,180.85
60%*30000000
/365
*92 dias
2
S/.
25,000,000.00 S/.
S/.
S/.
S/.
S/.
S/.
3,000,000.00
2,000,000.00
500,000.00
800,000.00
5,798,305.53
S/.
S/.
S/.
S/.
S/.
S/.
7,800,000.00 S/.
30,000,000.00 S/.
3,000,000.00
2,000,000.00
600,000.00
800,000.00
5,148,475.51
18000000
49315.06849
4536986.301
S/.
S/.
S/.
S/.
S/.
7,800,000.00 S/.
30,000,000.00 S/.
3,000,000.00
2,000,000.00
600,000.00
800,000.00
4,446,659.08
30,000,000.00
S/.
S/.
S/.
S/.
S/.
3,000,000.00
2,000,000.00
600,000.00
800,000.00
3,688,697.34
7,800,000.00 S/.
7,800,000.00
S/.
400,000.00 S/.
400,000.00 S/.
400,000.00 S/.
400,000.00
S/.
S/.
S/.
4,701,694.47 S/.
705,254.17 S/.
3,996,440.30 S/.
10,251,524.49 S/.
1,537,728.67 S/.
8,713,795.82 S/.
10,953,340.92 S/.
1,643,001.14 S/.
9,310,339.78 S/.
11,711,302.66
1,756,695.40
9,954,607.26
S/.
S/.
S/.
7,800,000.00 S/.
400,000.00 S/.
S/.
7,800,000.00 S/.
400,000.00 S/.
S/.
7,800,000.00 S/.
400,000.00 S/.
S/.
7,800,000.00
400,000.00
-
S/.
S/.
20,000,000.00
380,000.00
S/.
50,000.00
S/.
8,122,875.32 S/.
8,772,705.34 S/.
9,474,521.77 S/.
10,232,483.51
S/.
4,023,564.98 S/.
8,141,090.48 S/.
8,035,818.01 S/.
-12,457,876.25
S/.600 a partir del tercer ao, cuando el producto se haya consolidado en el mercado. Las proyecciones de ventas
es posible importar directamente los materiales a un costo unitario de S/.32. hay economia de escala
den a comisiones del 2% sobre ventas. La legislacin vigente permite depreciar las obras fsicas en 20 aos y todas las
proyecta producir y vender cada ao y por el ingreso estimado de la venta de la mquina que se reemplaza al final del
UTILIDAD NETA
VOLVER A QUITAR LOS GASTOS DEPRECIACION AMOTIZACION Y VALO
INVERSIONES DE MAUINARIA OBRA FISICA TERRENOS MAS EL CAPITA
ES EL VALO DE DESECHO COMO UN BENEFICIO EXTRA
6
S/.
66,000,000.00 S/.
S/.
S/.
S/.
11,100,000.00 S/.
14,500,000.00 S/.
66,000,000.00 S/.
73,920,000.00 S/.
73,920,000.00
12,432,000.00 S/.
14,500,000.00 S/.
12,432,000.00
14,500,000.00
6,500,000.00
11,100,000.00 S/.
14,500,000.00 S/.
S/.
11,000,000.00 S/.
11,000,000.00 S/.
12,200,000.00 S/.
12,200,000.00
S/.
S/.
S/.
S/.
29,400,000.00 S/.
4,410,000.00 S/.
24,990,000.00 S/.
4,800,000.00
31,100,000.00 S/.
4,665,000.00 S/.
26,435,000.00 S/.
34,788,000.00 S/.
5,218,200.00 S/.
29,569,800.00 S/.
34,788,000.00
5,218,200.00
29,569,800.00
S/.
11,000,000.00 S/.
11,000,000.00 S/.
12,200,000.00 S/.
12,200,000.00
S/.
S/.
S/.
S/.
S/.
S/.
35,990,000.00
4,800,000.00 S/.
S/.
16,000,000.00
12,000,000.00
1,814,794.52
#REF!
S/.
41,769,800.00 S/.
41,769,800.00
S/. 17,888,876.71
OS FALTA CALCULAR
6
S/.
36,000,000.00 S/.
S/.
S/.
S/.
S/.
S/.
3,420,000.00
2,200,000.00
720,000.00
820,000.00
2,870,098.66
S/.
S/.
S/.
S/.
S/.
S/.
9,200,000.00 S/.
36,000,000.00 S/.
S/.
3,420,000.00
2,200,000.00
720,000.00
820,000.00
1,986,012.08
S/.
S/.
S/.
S/.
S/.
9,200,000.00 S/.
36,000,000.00 S/.
2,500,000.00
3,420,000.00
2,200,000.00
720,000.00
820,000.00
1,031,198.58
36,000,000.00
S/.
S/.
S/.
S/.
3,420,000.00
2,200,000.00
720,000.00
820,000.00
9,200,000.00 S/.
9,200,000.00
S/.
S/.
S/.
16,769,901.34 S/.
2,515,485.20 S/.
14,254,416.14 S/.
S/.
17,653,987.92 S/.
2,648,098.19 S/.
15,005,889.73 S/.
S/.
9,200,000.00 S/.
9,200,000.00 S/.
S/.
S/.
S/.
2,000,000.00
19,108,801.42 S/.
2,866,320.21 S/.
16,242,481.21 S/.
19,640,000.00
2,946,000.00
16,694,000.00
9,200,000.00 S/.
9,200,000.00
2,000,000.00 S/.
S/.
10,000,000.00
12,889,982.27
S/.
11,051,082.19 S/.
11,935,168.76 S/.
S/.
12,403,333.95 S/.
12,270,720.97 S/.
4,552,498.94 S/.
25,894,000.00
y todas las
al final del
10
S/.
73,920,000.00
S/.
S/.
12,432,000.00
14,500,000.00
S/.
12,200,000.00
S/.
S/.
S/.
34,788,000.00
5,218,200.00
29,569,800.00
S/.
12,200,000.00
S/.
S/.
S/.
246,415,000
288,184,800.00
10
S/.
36,000,000.00
S/.
S/.
S/.
S/.
3,420,000.00
2,200,000.00
720,000.00
820,000.00
S/.
9,200,000.00
S/.
S/.
S/.
19,640,000.00
2,946,000.00
16,694,000.00
S/.
9,200,000.00
S/.
S/.
S/.
139,116,666.67
165,010,666.67
inversion
depreciacion anual
16000000 10 aos
7 aos
160000000
11200
4800000
4800000