CASO 1: GABC

Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal

Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar

10,000,000.00
70.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%

DSO

2%
DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar

ESTADO DE RESULTADOS
Ventas
Costos Variables
BAIT

10,000,000.00
70.00%

Gastos relaciond credito

Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT

CASO2
T
b
i

5,000,000.00
300.00
4.00%

b)
T
b
i

5,000,000.00
300.00
8.00%

c)
T
b
i

5,000,000.00
300.00
8.00%

CASO 3

AQPVIRTUAL

cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12

factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538

Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08

Inters
670.01
661.42
644.24
618.47
584.11
541.16
489.62
429.49
360.78
283.47
197.57
103.08

78

Nro cuota
1
2
3
4
5
6
7
8

cuotas decrecientes
Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13

Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13
37230.77/6

Caso 4

Calgari Company

Activos Circulantes
Activos Fijos

BALANCES GENERALES ALTERNATIVOS

Restringido
40%
1,600,000.00
650,000.00

Total Activos

2,250,000.40

Deuda
Capital Contable
Total Pasivo y Capital

1,012,500.18
1,237,500.22
2,250,000.40

ESTADO DE RESULTADOS ALTERNATIVOS

Ventas
BAIT 16%
Interes (10.5)
BAT
Impuestos (47.25%)
BPT
ROE

4,000,000.00
640,000.00
101,250.02
538,749.98
254,559.37
284,190.62
22.96489414
EL modelo restringido
tiene mayor rentabilidad

Propuesta 1
11,000,000.00
7,700,000.00
Neto 30

Neto 20

50,000.00

DatosPropuest1

200,000.00
833,333.33

OJO: UN 14%

2.28
DSO=45

87,500.00

efectos Prop1
1,000,000.00

22,800.00
125,000.00

13,125.00 100,625.00

Propuesta 1
11,000,000.00
7,700,000.00
3,300,000.00

Propuesta 2
9,000,000.00
6,300,000.00
2,700,000.00

100,625.00
50,000.00
222,800.00
2,926,575.00
1,170,630.00

57,750.00
50,000.00
90,000.00
2,502,250.00
1,000,900.00

1,755,945.00

1,501,350.00

Volumen dep C=raiz(2bT/i)

273,861.28

CostoOportun

5,477.23

Costo Total Anual

C=raiz(2bT/i)
CostoOportun
Costo Total Anual

###

10,954.45
se usa el de a

273,861.28
10,954.45
16,431.68

Volumen dep C=raiz(2bT/i)

193,649.17

CostoOportun

7,745.97

Costo Total Anual

Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08

15,491.93

T. pago
1,246.94
1,815.27
2,375.01
2,926.16
3,468.73
4,002.70
4,528.09
5,044.88
5,553.08
6,052.70
6,543.72
7,026.16

Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00

Tasa Nominal
18%
Interes men
3.00%

ieq 1

m
n

Saldo
PrestamoNu

NuevaDEUDA

Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6205.1282051282

Moderado
50%
2,000,000.00
650,000.00

T. pago
408.75
408.75
6,613.88
6,545.75
6,477.63
6,409.50
6,341.38
6,273.25

Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
0.00

Relajado
60%
2,400,000.00
650,000.00

inte efectivo
Interes men
14.00%
0.14

n2

ieq 1 i n1 1

n2 das de tasa efectiva que QU

n1 das de tasa efectiva que TE

2,650,000.50

3,050,000.60

1,192,500.23
1,457,500.28
2,650,000.50

1,372,500.27
1,677,500.33
3,050,000.60

4,000,000.00
640,000.00
119,250.02
520,749.98
246,054.36
274,695.61

4,000,000.00
640,000.00
137,250.03
502,749.97
237,549.36
265,200.61

18.847036796

15.80927324

Prop2
9,000,000.00

A UN 1%

1.00%
DSO=22

90,000.00
550,000.00
57,750.00

Propuesta 3
11,500,000.00
8,050,000.00
3,450,000.00

67,083.33
50,000.00
138,000.00
3,194,916.67
1,277,966.67

1,916,950.00

A UN 1.2%

1.20%
DSO=20

Prop3
11,500,000.00

138,000.00
638,888.89
67,083.33

a Nominal

18% anual capitalizable bimestralmente

1.49% Modo2Form ieq
0.0001488916 1.4889156509

m
n

24,230.77
13000

37,230.77

14% anual

0.010978852
0.01098

n2

1 i n1 1

das de tasa efectiva que QUIERO

das de tasa efectiva que TENGO

CASO 1: GABC
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal

10,000,000.00
75.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%

Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar

DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar

ESTADO DE RESULTADOS
Ventas
Costos Variables
BAIT

10,000,000.00
75.00%

Gastos relaciond credito

Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT

CASO2
T
b
i

6,000,000.00
400.00
4.00%

b)
T
b
i

5,000,000.00
300.00
9.00%

c)

T
b
i

5,000,000.00
300.00
9.00%

CASO 3

AQPVIRTUAL

cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12

factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538

Deuda
55,000.00
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54

Inters
864.05
852.97
830.81
797.58
753.27
697.88
631.42
553.88
465.26
365.56
254.78
132.93

78

Nro cuota
1
2
3
4
5
6
7
8

cuotas decrecientes
Deuda
44,615.38
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90

Inters
456.72
456.72
456.72
380.60
304.48
228.36
152.24
76.12
37230.77/6

Caso 4

Calgari Company

Activos Circulantes
Activos Fijos

BALANCES GENERALES ALTERNATIVOS

Restringido
40%
1,200,000.00
700,000.00

Total Activos

1,900,000.40

Deuda
Capital Contable
Total Pasivo y Capital

1,045,000.22
855,000.18
1,900,000.40

ESTADO DE RESULTADOS ALTERNATIVOS

Ventas
BAIT 15%
Interes (10.5)
BAT
Impuestos (37.8%)
BPT
ROE

3,000,000.00
450,000.00
104,500.02
345,499.98
130,598.99
214,900.99
25.1346129911
EL modelo restringido
tiene mayor rentabilidad

Propuesta 1
11,000,000.00
8,250,000.00
Neto 30

Neto 20

50,000.00

DatosPropuest1
200,000.00
833,333.33
87,500.00

efectos Prop1
1,200,000.00
2.28
27,360.00 227,360.00
125,000.00
13,125.00 100,625.00

Propuesta 1
11,200,000.00
8,400,000.00
2,800,000.00

Propuesta 2
9,000,000.00
6,750,000.00
2,250,000.00

100,625.00
50,000.00
227,360.00
2,422,015.00
968,806.00

57,750.00
50,000.00
90,000.00
2,052,250.00
820,900.00

1,453,209.00

1,231,350.00

Volumen dep C=raiz(2bT/i)

346,410.16

CostoOportun

6,928.20

Costo Anual
C=raiz(2bT/i)

13,856.41
se usa el de a

346,410.16

CostoOportun

15,588.46

Costo Anual

19,918.58

Volumen dep C=raiz(2bT/i)

182,574.19

CostoOportun

8,215.84

Costo Anual

Amortizacin
705.13
1,410.26
2,115.38
2,820.51
3,525.64
4,230.77
4,935.90
5,641.03
6,346.15
7,051.28
7,756.41
8,461.54

16,431.68

T. pago
1,569.17
2,263.23
2,946.20
3,618.09
4,278.91
4,928.65
5,567.32
6,194.90
6,811.41
7,416.84
8,011.19
8,594.47

Saldo
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54
0.00

Tasa Nominal
19%
Interes men
3.17%

ieq 1

m
n

Saldo
PrestamoNu

NuevaDEUDA

Amortizacin
0.00
0.00
7,435.90
7,435.90
7,435.90
7,435.90
7,435.90
7,435.90
7435.8974358974

Moderado
50%
1,500,000.00
700,000.00

T. pago
456.72
456.72
7,892.62
7,816.50
7,740.38
7,664.26
7,588.14
7,512.02

Saldo
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90
0.00

Relajado
60%
1,800,000.00
700,000.00

inte efectivo
Interes men
13.00%
0.13

n2

ieq 1 i n1 1

n2 das de tasa efectiva que QUI

n1 das de tasa efectiva que TEN

2,200,000.50

2,500,000.60

1,210,000.28
990,000.23
2,200,000.50

1,375,000.33
1,125,000.27
2,500,000.60

3,000,000.00
450,000.00
121,000.03
328,999.97
124,361.99
204,637.98

3,000,000.00
450,000.00
137,500.03
312,499.97
118,124.99
194,374.98

20.6704986249

17.27777181

RNATIVOS

efectos Prop2
9,000,000.00
1.00%
90,000.00
550,000.00
57,750.00

Propuesta 3
11,700,000.00
8,775,000.00
2,925,000.00

68,250.00
50,000.00
140,400.00
2,666,350.00
1,066,540.00

1,599,810.00

efectos Prop3
11,700,000.00
1.20%
140,400.00
650,000.00
68,250.00

140,400.00

a Nominal

19% anual capitalizable bimestralmente

1.57%

0.0001570993

q 1

m
n

1+0.18/

29,615.38
15000

44,615.38

13% anual

0.0102368444
1.024

n2

1 i n1 1

das de tasa efectiva que QUIERO

das de tasa efectiva que TENGO

brabustos@gmail.com

AQPVIRTUAL

cuotas crecientes
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12
78

factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538
Amortiza

Nro cuota
1
2
3
4
5
6
7
8

Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08

Inters
572.56
565.22
550.54
528.51
499.15
462.45
418.41
367.02
308.30
242.24
168.83
88.09

Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08

T. pago
1,149.48
1,719.06
2,281.30
2,836.21
3,383.77
3,923.99
4,456.87
4,982.41
5,500.61
6,011.47
6,514.98
7,011.16

Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6205.1282051

T. pago
408.75
408.75
6,613.88
6,545.76
6,477.63
6,409.51
6,341.38
6,273.26

25000 por factor

cuotas decrecientes
Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.25
6,205.12

Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13
37230.77/6

Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00

Interes men

18% anual capitalizable bimestralmente

Interes men

1.27234838
0.0127235

ieq 1

Saldo
PrestamoNuevo

NuevaDEUDA

Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.25
6,205.12
-0.01

16% anual capitalizable mensualmente

1.24%

Interes men
Interes

m
n

1+0.18/

24,230.77
13000

37,230.77

0.0109789 -0.98902115
-98.9021148
1.01097885 0.01097885

n2

ieq 1 i n1 1

n2 das de tasa efectiva que QUIERO

n1 das de tasa efectiva que TENGO

TEMA A
CASO 1: GABC
Propuesta 1
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal

10,000,000.00
70.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%

11,000,000.00
7,700,000.00
Neto 30

50,000.00

DatosPropuest1
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar

Ventas
Costos Variables
BAIT
Gastos relaciond credito
Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT

200,000.00
833,333.33
87,500.00

DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Propuesta 1
Propuesta 2
11,000,000.00
9,000,000.00
7,700,000.00
6,300,000.00
3,300,000.00
2,700,000.00

100,625.00
50,000.00
222,800.00
2,926,575.00
1,170,630.00
1,755,945.00

Propuesta 3
11,500,000.00
8,050,000.00
3,450,000.00

57,750.00
50,000.00
90,000.00
2,502,250.00
1,000,900.00
1,501,350.00

67,083.33
50,000.00
138,000.00
3,194,916.67
1,277,966.67
1,916,950.00

CASO2
T
b
i

5,000,000.00
300.00
4.00%

b)
T
b
i

Volumen dep C=raiz(2bT/i)

273,861.28

CostoOportun

5,000,000.00
300.00
8.00%

5,477.23

Costo Anual

5,795.48

C=raiz(2bT/i)

273,861.28

CostoOportun

10,954.45

Costo Anual
c)
T
b
i

5,000,000.00
300.00
8.00%

CASO 3
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12

factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538

AQPVIRTUAL
cuotas crecientes
Deuda
45,000.00
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08

11,272.71

Volumen dep C=raiz(2bT/i)

193,649.17

CostoOportun

7,745.97

Costo Anual

8,071.79

18% 18% anual capitalizable bimestralmente

Interes men
1.49%
3.00%
0.0001488916
Inters
670.01
661.42
644.24
618.47
584.11
541.16
489.62
429.49
360.78
283.47
197.57
103.08

Amortizacin
576.92
1,153.85
1,730.77
2,307.69
2,884.62
3,461.54
4,038.46
4,615.38
5,192.31
5,769.23
6,346.15
6,923.08

T. pago
1,246.94
1,815.27
2,375.01
2,926.16
3,468.73
4,002.70
4,528.09
5,044.88
5,553.08
6,052.70
6,543.72
7,026.16

Saldo
44,423.08
43,269.23
41,538.46
39,230.77
36,346.15
32,884.62
28,846.15
24,230.77
19,038.46
13,269.23
6,923.08
0.00

78

cuotas decrecientes
Nro cuota
1
2
3
4
5
6
7
8

Deuda
37,230.77
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13

Inters
408.75
408.75
408.75
340.63
272.50
204.38
136.25
68.13

Amortizacin
0.00
0.00
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
6,205.13
37230.77/6

NuevaDEUDA
inte efectivo
Interes men
T. pago
408.75
408.75
6,613.88
6,545.75
6,477.63
6,409.50
6,341.38
6,273.25
6205.1282051282

37,230.77
14% anual
0.010978852
Saldo
37,230.77
37,230.77
31,025.64
24,820.51
18,615.38
12,410.26
6,205.13
0.00

Caso 4

Calgari Company

Activos Circulantes
Activos Fijos
Total Activos

BALANCES GENERALES ALTERNATIVOS

Restringido
40%
1,600,000.00
650,000.00
2,250,000.40

Moderado
50%
2,000,000.00
650,000.00
2,650,000.50

Relajado
60%
2,400,000.00
650,000.00
3,050,000.60

1,012,500.18
1,237,500.22
2,250,000.40

1,192,500.23
1,457,500.28
2,650,000.50

1,372,500.27
1,677,500.33
3,050,000.60

4,000,000.00
640,000.00
101,250.02
538,749.98
254,559.37
284,190.62

4,000,000.00
640,000.00
119,250.02
520,749.98
246,054.36
274,695.61

4,000,000.00
640,000.00
137,250.03
502,749.97
237,549.36
265,200.61

22.96489414

18.847036796

15.8092732392

Deuda
Capital Contable
Total Pasivo y Capital

ESTADO DE RESULTADOS ALTERNATIVOS

Ventas
BAIT 16%
Interes (10.5)
BAT
Impuestos (47.25%)
BPT
ROE

EL modelo restringido
tiene mayor rentabilidad

TEMA B
CASO 1: GABC
Propuesta 1
Ventas
Costos Variables
Costo de Capital
Politica de credito
Dias venta pendie cbro
Porcentaj ctas malas
Gasto cobranza
Tasa Fiscal

10,000,000.00
75.00%
15.00%
25 neto -Sin Dcto
30.00
2.00%
50,000.00
40.00%

11,000,000.00
8,250,000.00
Neto 30

50,000.00

DatosPropuest1
Cuentas malas
Cuentas por cobrar
Costo Mant Cts por cobrar

Ventas
Costos Variables
BAIT
Gastos relaciond credito
Costos de Mantenimiento
Gastos de Cobranza
Cuentas Malas
BAT
Impuestos 40%
BPT

200,000.00
833,333.33
87,500.00

DSO*(Ventas/360)
RazonCostVar*costocap*ctacobrar
ESTADO DE RESULTADOS
Propuesta 1
Propuesta 2
11,000,000.00
9,000,000.00
8,250,000.00
6,750,000.00
2,750,000.00
2,250,000.00

100,625.00
50,000.00
227,360.00
2,372,015.00
948,806.00
1,423,209.00

Propuesta 3

57,750.00
50,000.00
90,000.00
2,052,250.00
820,900.00
1,231,350.00

11,700,000.00
8,775,000.00
2,925,000.00

68,250.00
50,000.00
140,400.00
2,666,350.00
1,066,540.00
1,599,810.00

CASO2
T
b
i

6,000,000.00
400.00
4.00%

b)
T
b
i

Volumen dep C=raiz(2bT/i)

346,410.16

CostoOportun

5,000,000.00
300.00
9.00%

6,928.20

Costo Anual

7,345.52

C=raiz(2bT/i)

346,410.16

CostoOportun

15,588.46

Costo Anual
c)
T
b
i

5,000,000.00
300.00
9.00%

CASO 3
Nro cuota
1
2
3
4
5
6
7
8
9
10
11
12

factor
0.0128
0.0256
0.0385
0.0513
0.0641
0.0769
0.0897
0.1026
0.1154
0.1282
0.1410
0.1538

AQPVIRTUAL
cuotas crecientes
Deuda
55,000.00
54,294.87
52,884.62
50,769.23
47,948.72
44,423.08
40,192.31
35,256.41
29,615.38
23,269.23
16,217.95
8,461.54

Inters
864.05
852.97
830.81
797.58
753.27
697.88
631.42
553.88
465.26
365.56
254.78
132.93

78
Saldo
PrestamoNuevo
cuotas decrecientes
Nro cuota
1
2
3
4
5
6
7
8

Deuda
44,615.38
44,615.38
44,615.38
37,179.49
29,743.59
22,307.69
14,871.79
7,435.90

15,902.89

Volumen dep C=raiz(2bT/i)

Inters
456.72
456.72
456.72
380.60
304.48
228.36
152.24
76.12

182,574.19

CostoOportun

8,215.84

Costo Anual

8,543.22

19% 19% anual capitalizable bimestralmente

Interes men
1.57%
3.17%
0.0001570993
Amortizacin
T. pago
Saldo
705.13
1,569.17
54,294.87
1,410.26
2,263.23
52,884.62
2,115.38
2,946.20
50,769.23
2,820.51
3,618.09
47,948.72
3,525.64
4,278.91
44,423.08
4,230.77
4,928.65
40,192.31
4,935.90
5,567.32
35,256.41
5,641.03
6,194.90
29,615.38
6,346.15
6,811.41
23,269.23
7,051.28
7,416.84
16,217.95
7,756.41
8,011.19
8,461.54
8,461.54
8,594.47
0.00
NuevaDEUDA
44,615.38
29,615.38
inte efectivo
13% anual
15000
Interes men
0.0102368444
13.00%
1.024
Amortizacin
T. pago
Saldo
0.00
456.72
44,615.38
0.00
456.72
44,615.38
7,435.90
7,892.62
37,179.49
7,435.90
7,816.50
29,743.59
7,435.90
7,740.38
22,307.69
7,435.90
7,664.26
14,871.79
7,435.90
7,588.14
7,435.90
7,435.90
7,512.02
0.00
37230.77/6
7435.8974358974

Caso 4

Calgari Company

Activos Circulantes
Activos Fijos
Total Activos

BALANCES GENERALES ALTERNATIVOS

Restringido
40%
1,200,000.00
700,000.00
1,900,000.40

Moderado
50%
1,500,000.00
700,000.00
2,200,000.50

Relajado
60%
1,800,000.00
700,000.00
2,500,000.60

1,045,000.22
855,000.18
1,900,000.40

1,210,000.28
990,000.23
2,200,000.50

1,375,000.33
1,125,000.27
2,500,000.60

3,000,000.00
450,000.00
104,500.02
345,499.98
130,598.99
214,900.99

3,000,000.00
450,000.00
121,000.03
328,999.97
124,361.99
204,637.98

3,000,000.00
450,000.00
137,500.03
312,499.97
118,124.99
194,374.98

25.1346129911

20.6704986249

17.2777718066

Deuda
Capital Contable
Total Pasivo y Capital

ESTADO DE RESULTADOS ALTERNATIVOS

Ventas
BAIT 15%
Interes (10.5)
BAT
Impuestos (37.8%)
BPT
ROE

EL modelo restringido
tiene mayor rentabilidad