Nota: este es un ejercicio que busca clasificar algunas cuentas

Actividades Enero Febrero Marzo Abril

Ventas Contado 80,000 80,000 80,000 80,000
Ventas Crédito 210,000 315,000 273,000 378,000
Compra Mp Contado 100,000 150,000 130,000 180,000
Compra Mp crédito 40,000 40,000 40,000 40,000
MODirecta 43,500 59,250 52,950 68,700
Arriendo 20,000 20,000 20,000 20,000
Servicos Públicos 14,500 19,750 17,650 22,900
Honorarios (revisor fiscal) 10,000 10,000 10,000 10,000
Seguros - - 5,000 -
Causacion gasto seguro - - 417 417
Nómina adminsistrativa 50,000 50,000 50,000 50,000
Nómina vendedores 29,000 39,500 35,300 45,800
Amortización deuda 3,673 3,710 3,747 3,785
Intereses deuda 3,000 2,963 2,926 2,889

Cuota Fija
Saldo de la deuda 300,000 296,327 292,617 288,869
Amortización de capital 3,673 3,710 3,747 3,785
pago de intereses 3,000 2,963 2,926 2,889
Cuota total 6,673 6,673 6,673 6,673

Amortización constante de capital

Saldo de la deuda 300,000 295,000 290,000 285,000
Amortización de capital 5,000 5,000 5,000 5,000
pago de intereses 3,000 2,950 2,900 2,850
Cuota total 8,000 7,950 7,900 7,850

Deuda 300,000
Plazo (meses) 60
Interés mensual 1%

Estado de resultados
Enero Febrero Marzo Abril
Ventas de contado 80,000 80,000 80,000 80,000
Ventas a crédito 210,000 315,000 273,000 378,000
(-) Devoluciones en ventas 0 0 0 0
Ventas netas 290,000 395,000 353,000 458,000
(-) CMV 183,500 249,250 222,950 288,700
Utilidad Bruta 106,500 145,750 130,050 169,300
Margen Bruto 36.72% 36.90% 36.84% 36.97%
(-) Gastos de administración 94,500 99,750 98,067 103,317
(-) Gastos de ventas 29,000 39,500 35,300 45,800
Utilidad operativa (17,000) 6,500 (3,317) 20,183
Margen operativo -5.86% 1.65% -0.94% 4.41%
(-) Gastos financieros 3,000 2,963 2,926 2,889
(+) Ingresos no operativos 0 0 0 0
(-) Egresos no operativos 0 0 0 0
Utilidad antes de impuestos (20,000) 3,537 (6,243) 17,295
(-) Provisión de impuestos 0 0 0 0
Utilidad neta (20,000) 3,537 (6,243) 17,295
Margen neto -6.90% 0.90% -1.77% 3.78%

Flujo de Caja
Enero Febrero Marzo Abril
Ventas de contado 80,000 80,000 80,000 80,000
Recuperación de cartera 0 210,000 315,000 273,000
Ingresos netos 80,000 290,000 395,000 353,000
(-) CMV (pagados) 143,500 209,250 182,950 248,700
Utilidad Bruta (63,500) 80,750 212,050 104,300
Margen Bruto -79.38% 27.84% 53.68% 29.55%
 (-) Gastos de admnisitración 94,500 99,750 102,650 102,900
(-) Gastos e ventas 29,000 39,500 35,300 45,800
Utilidad operativa (187,000) (58,500) 74,100 (44,400)
Margen operativo -233.75% -20.17% 18.76% -12.58%
(+) Depreciaciones 0 0 0 0
(+) Amortizaciones 0 0 0 0
EBITDA (187,000) (58,500) 74,100 (44,400)
Margen EBITDA -233.75% -20.17% 18.76% -12.58%
(-) Gastos financieros 3,000 2,963 2,926 2,889
(-) Amortización deuda 3,673 3,710 3,747 3,785
(+) Ingresos no operativos 0 0 0 0
(-) Egresos no operativos 0 0 0 0
Flujo de caja (193,673) (65,173) 67,427 (51,073)
Flujo de caja acumulado (258,847) (191,420) (242,493)
algunas cuentas entre estado de resultados y flujo de caja, mas no es un mo

Mayo Junio Julio Agosto Septiembre Octubre

100,000 100,000 100,000 120,000 140,000 140,000
336,000 315,000 357,000 420,000 441,000 378,000
160,000 150,000 170,000 200,000 210,000 180,000
50,000 50,000 50,000 60,000 70,000 70,000
65,400 62,250 68,550 81,000 87,150 77,700
20,000 20,000 20,000 20,000 20,000 20,000
21,800 20,750 22,850 27,000 29,050 25,900
10,000 10,000 10,000 10,000 10,000 10,000
- - - - - -
417 417 417 417 417 417
50,000 50,000 50,000 50,000 50,000 50,000
43,600 41,500 45,700 54,000 58,100 51,800
3,822 3,861 3,899 3,938 3,978 4,017
2,851 2,813 2,774 2,735 2,696 2,656

285,085 281,262 277,402 273,502 269,564 265,586

3,822 3,861 3,899 3,938 3,978 4,017
2,851 2,813 2,774 2,735 2,696 2,656
6,673 6,673 6,673 6,673 6,673 6,673

280,000 275,000 270,000 265,000 260,000 255,000

5,000 5,000 5,000 5,000 5,000 5,000
2,800 2,750 2,700 2,650 2,600 2,550
7,800 7,750 7,700 7,650 7,600 7,550
Mayo Junio Julio Agosto Septiembre Octubre
100,000 100,000 100,000 120,000 140,000 140,000
336,000 315,000 357,000 420,000 441,000 378,000
0 0 0 0 0 0
436,000 415,000 457,000 540,000 581,000 518,000
275,400 262,250 288,550 341,000 367,150 327,700
160,600 152,750 168,450 199,000 213,850 190,300
36.83% 36.81% 36.86% 36.85% 36.81% 36.74%
102,217 101,167 103,267 107,417 109,467 106,317
43,600 41,500 45,700 54,000 58,100 51,800
14,783 10,083 19,483 37,583 46,283 32,183
3.39% 2.43% 4.26% 6.96% 7.97% 6.21%
2,851 2,813 2,774 2,735 2,696 2,656
0 0 0 0 0 0
0 0 0 0 0 0
11,932 7,271 16,709 34,848 43,588 29,527
0 0 0 0 0 0
11,932 7,271 16,709 34,848 43,588 29,527
2.74% 1.75% 3.66% 6.45% 7.50% 5.70%

Mayo Junio Julio Agosto Septiembre Octubre

100,000 100,000 100,000 120,000 140,000 140,000
378,000 336,000 315,000 357,000 420,000 441,000
478,000 436,000 415,000 477,000 560,000 581,000
225,400 212,250 238,550 281,000 297,150 257,700
252,600 223,750 176,450 196,000 262,850 323,300
52.85% 51.32% 42.52% 41.09% 46.94% 55.65%
 101,800 100,750 102,850 107,000 109,050 105,900
43,600 41,500 45,700 54,000 58,100 51,800
107,200 81,500 27,900 35,000 95,700 165,600
22.43% 18.69% 6.72% 7.34% 17.09% 28.50%
0 0 0 0 0 0
0 0 0 0 0 0
107,200 81,500 27,900 35,000 95,700 165,600
22.43% 18.69% 6.72% 7.34% 17.09% 28.50%
2,851 2,813 2,774 2,735 2,696 2,656
3,822 3,861 3,899 3,938 3,978 4,017
0 0 0 0 0 0
0 0 0 0 0 0
100,527 74,827 21,227 28,327 89,027 158,927
(141,967) (67,140) (45,913) (17,587) 71,440 230,367
aja, mas no es un modelo financiero a seguir.

Noviembre Diciembre 13 14 15 16
100,000 80,000
315,000 315,000
150,000 150,000
50,000 40,000
62,250 59,250
20,000 20,000
20,750 19,750
10,000 10,000
- -
417 417
50,000 50,000
41,500 39,500
4,058 4,098
2,616 2,575

261,569 257,511 253,413 249,274 245,093 240,871

4,058 4,098 4,139 4,181 4,222 4,265
2,616 2,575 2,534 2,493 2,451 2,409
6,673 6,673 6,673 6,673 6,673 6,673

250,000 245,000 240,000 235,000 230,000 225,000

5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,450 2,400 2,350 2,300 2,250
7,500 7,450 7,400 7,350 7,300 7,250
Noviembre Diciembre
100,000 80,000
315,000 315,000
0 0
415,000 395,000
262,250 249,250
152,750 145,750
36.81% 36.90%
101,167 100,167
41,500 39,500
10,083 6,083
2.43% 1.54%
2,616 2,575
0 0
0 0
7,468 3,508
0 0
7,468 3,508
1.80% 0.89%

Noviembre Diciembre
100,000 80,000
378,000 315,000
478,000 395,000
212,250 209,250
265,750 185,750
55.60% 47.03%
100,750 99,750
41,500 39,500
123,500 46,500
25.84% 11.77%
0 0
0 0
123,500 46,500
25.84% 11.77%
2,616 2,575
4,058 4,098
0 0
0 0
116,827 39,827
347,193 387,020
 17 18 19 20 21 22 23

236,606 232,299 227,948 223,555 219,117 214,635 210,108

4,307 4,350 4,394 4,438 4,482 4,527 4,572
2,366 2,323 2,279 2,236 2,191 2,146 2,101
6,673 6,673 6,673 6,673 6,673 6,673 6,673

220,000 215,000 210,000 205,000 200,000 195,000 190,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,200 2,150 2,100 2,050 2,000 1,950 1,900
7,200 7,150 7,100 7,050 7,000 6,950 6,900
 24 25 26 27 28 29 30

205,535 200,917 196,253 191,542 186,785 181,979 177,126

4,618 4,664 4,711 4,758 4,805 4,854 4,902
2,055 2,009 1,963 1,915 1,868 1,820 1,771
6,673 6,673 6,673 6,673 6,673 6,673 6,673

185,000 180,000 175,000 170,000 165,000 160,000 155,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
1,850 1,800 1,750 1,700 1,650 1,600 1,550
6,850 6,800 6,750 6,700 6,650 6,600 6,550
 31 32 33 34 35 36 37

172,223 167,272 162,272 157,221 152,120 146,968 141,764

4,951 5,001 5,051 5,101 5,152 5,204 5,256
1,722 1,673 1,623 1,572 1,521 1,470 1,418
6,673 6,673 6,673 6,673 6,673 6,673 6,673

150,000 145,000 140,000 135,000 130,000 125,000 120,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
1,500 1,450 1,400 1,350 1,300 1,250 1,200
6,500 6,450 6,400 6,350 6,300 6,250 6,200
 38 39 40 41 42 43 44

136,509 131,200 125,839 120,424 114,955 109,431 103,852

5,308 5,361 5,415 5,469 5,524 5,579 5,635
1,365 1,312 1,258 1,204 1,150 1,094 1,039
6,673 6,673 6,673 6,673 6,673 6,673 6,673

115,000 110,000 105,000 100,000 95,000 90,000 85,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
1,150 1,100 1,050 1,000 950 900 850
6,150 6,100 6,050 6,000 5,950 5,900 5,850
 45 46 47 48 49 50 51

98,217 92,526 86,778 80,973 75,109 69,187 63,205

5,691 5,748 5,806 5,864 5,922 5,981 6,041
982 925 868 810 751 692 632
6,673 6,673 6,673 6,673 6,673 6,673 6,673

80,000 75,000 70,000 65,000 60,000 55,000 50,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
800 750 700 650 600 550 500
5,800 5,750 5,700 5,650 5,600 5,550 5,500
 52 53 54 55 56 57 58

57,164 51,062 44,899 38,675 32,389 26,039 19,626

6,102 6,163 6,224 6,287 6,349 6,413 6,477
572 511 449 387 324 260 196
6,673 6,673 6,673 6,673 6,673 6,673 6,673

45,000 40,000 35,000 30,000 25,000 20,000 15,000

5,000 5,000 5,000 5,000 5,000 5,000 5,000
450 400 350 300 250 200 150
5,450 5,400 5,350 5,300 5,250 5,200 5,150
 59 60

13,149 6,607
6,542 6,607
131 66
6,673 6,673

10,000 5,000
5,000 5,000
100 50
5,100 5,050
Margen Bruto 30.00% 300

Gastos Fijos 21,207,000 21207

Nivel de ventas Necesario para 70,690,000

cubrir los Gastos Fijos

Ventas 9,000,000 9000

Utilidad Esperada -18,507,000

Periodo Flujo de caja

0 -50 15.72% TIR
1 -30 2.46% TIR n=6
2 -10
3 20
4 40 WACC
5 100
VPN
 15%
13%

$ 8.29 $ 2.09