Análisis financiero enfoque, proyecciones financie... ---- (Pg 11--155)

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Copyright © 2009. Ecoe Ediciones. All rights reserved.
Las finanzas
Competencias
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
Capítulo 2
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Generalidades del
análisis financiero
Competencias
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
Capítulo 3
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Estados
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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GHGHGXFLUWRGRVVXVSDVLYRV(QWpUPLQRVJHQHUDOHVHVHOYDORUGHORTXHOH
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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BALANCE GENERAL
ALMACÉN CRÉDITOS DEL MAR SAS
Balance General al 31 de diciembre de 2007 – 2008
ACTIVO
AÑO 2007
AÑO 2008
PASIVO MÁS PATRIMONIO
AÑO 2007
AÑO 2008
/($6,1*2&&,'(17(
3529(('25(6
3$6,926
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PASIVO CORRIENTE
CAJA
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BANCOS
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TOTAL PASIVO
$&7,9212&255,(17(
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TOTAL PASIVO + PATRIMONIO
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ESTADO DE RESULTADOS
ALMACÉN CRÉDITOS DEL MAR S.A.S
Estado de resultados al 31 de diciembre de 2007 - 2008
9(17$6%587$6
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GASTOS DE DEPRECIACIÓN
OTROS INGRESOS
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Evaluación
BALANCE GENERAL
ALMACÉN CRÉDITOS DEL MAR SAS
Balance General al 31 de diciembre de 2007 - 2008
ACTIVO
AÑO 2007
AÑO 2008
PASIVO MÁS PATRIMONIO
AÑO 2007
AÑO 2008
3$6,926
$&7,92&255,(17(
PASIVO CORRIENTE
CAJA
2%/,*$&,21(6),1$1&,(5$6
BANCOS
%$1&2%%9$52/'$1,//2
,19(56,21(6
&8(17$6325&2%5$5&/,(17(6
&8(17$6325&2%5$5(03/($'26
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/($6,1*2&&,'(17(
3529(('25(6
5(7(1&,Ð1(1/$)8(17(3253$*$5
,9$3253$*$5
TOTAL PASIVO
3$75,021,2
08(%/(6<(48,326'(2),&,1$
9,75,1$6&$%$6',63(16$'25
5(6(59$3$5$)8785$6&$3,7$/,=$&,21(6
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87,/,'$''(/(-(5&,&,2
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727$/$&7,92
DxR
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TOTAL PATRIMONIO
TOTAL PASIVO + PATRIMONIO
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$&7,9212&255,(17(
)/27$<(48,32'(75$163257(
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3DVRVSDUDODHODERUDFLyQGHO)OXMRGHHIHFWLYRSRUHO0pWRGR,QGLUHFWR
/DIRUPDPiVVHQFLOOD\SUiFWLFDGHKDFHUHOÁXMRGHHIHFWLYRHVXWLOL]DQGRHOPpWRGRLQGLUHFWRHOFXDOFRQVLVWHHQSDUWLUFRQODXWLOLGDGDUURMDGDSRUODDFWLYLGDG
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
&DStWXOR
(VWDGRVÀQDQFLHURV
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RSHUDFLRQDOGHODHPSUHVD\TXHKDOODPRVHQHOHVWDGRGHUHVXOWDGRVSDUDOXHJRSURFHGHUDGHSXUDUODKDVWDOOHJDUDOVDOGRGHHIHFWLYRTXHKD\HQORVOLEURV
GHFRQWDELOLGDGSDUDWDOHIHFWRVHGHEHWHQHUSUHVHQWHORVLJXLHQWH
/DVFXHQWDVPiVFRPXQHVTXHGHEHQWHQHUVHSUHVHQWHVRQODVGHDTXHOODV
SDUWLGDVTXHVHKDQFDXVDGRHQODFRQWDELOLGDG\TXHQRUHSUHVHQWDQHQWUDGDVQLVDOLGDVGHHIHFWLYR\KDQDIHFWDGRODVFXHQWDVGHUHVXOWDGRWDOHV
FXHQWDVVRQ
'HSUHFLDFLyQDPRUWL]DFLRQHVGHDFWLYRVSURYLVLRQHV
/DVYDULDFLRQHVSRULQFUHPHQWRVRGHFUHFLPLHQWRV FiOFXORGHOYDORUDEVROXWR HQODVGLIHUHQWHVFXHQWDVTXHFRQIRUPDQHOEDODQFHJHQHUDOWRPDQGRFRPR
EDVHHODxRDFWXDOXREMHWRGHDQiOLVLVFRQWUDHODxRLQPHGLDWDPHQWHDQWHULRU VXPRGRGHFiOFXORVHUtD$xRDFWXDOPHQRV$xRDQWHULRU
Copyright © 2009. Ecoe Ediciones. All rights reserved.
&RQODLQIRUPDFLyQDQWHULRU\WRPDQGRFRPREDVHSDUDHOGHVDUUROORGHOÁXMR
GHHIHFWLYRSRUHOPpWRGRLQGLUHFWRKDUHPRVXVRGHORVHVWDGRVÀQDQFLHURV
TXHVHSODQWHDQHQHO&DStWXORGHODHPSUHVD0DQXIDFWXUDGRVGHO1RUWH6
$YHDPRVFRPRTXHGDUtDVXSRQLHQGRTXH\DVHKDQFDOFXODGRODVYDULDFLRQHV
' \ODVUHHVWUXFWXUDFLRQHV (\)
74
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
$QiOLVLVÀQDQFLHUR(QIRTXHSUR\HFFLRQHVÀQDQFLHUDV
(QDPERVFDVRVVHDSUHFLDHOGHVDUUROORGHODVWUHV DFWLYLGDGHVFRPRXQD
HVWUXFWXUDHQHOÁXMRGHHIHFWLYR
$OÀQDOGHFDGDLQIRUPHHOUHVXPHQHOFXDOFRQWLHQH
‡ (OÁXMRQHWRGHHIHFWLYRFRUUHVSRQGLHQWHDODVWUHVDFWLYLGDGHV
‡ (OVDOGRLQLFLDOGHHIHFWLYRWRPDGRGHOEDODQFHJHQHUDOGHOSHUtRGRLQPHGLDWDPHQWHDQWHULRU
‡ (OVDOGRÀQDOGHHIHFWLYRTXHGHEHVHULJXDODOVDOGRGHOEDODQFHGHOSHUtRGR
DFWXDOREMHWRGHHVWXGLRRDQiOLVLV
(YDOXDFLyQ
&RQWLQXHPRVFRQODLQIRUPDFLyQGHODHPSUHVD$OPDFpQ&UpGLWRVGHO0DU6$6
GHORVSHUtRGRVGHOEDODQFHJHQHUDO\GHOHVWDGRGHUHVXOWDGRVDVt
$&7,92
ACTIVO CORRIENTE
CAJA
BANCOS
,19(56,21(6
&8(17$6325&2%5$5&/,(17(6
Copyright © 2009. Ecoe Ediciones. All rights reserved.
&8(17$6325&2%5$5(03/($'26
,19(17$5,2'(0(5&$1&Ì$6
$&7,9212&255,(17(
)/27$<(48,32'(75$163257(
08(%/(6<(48,326'(2),&,1$
9,75,1$6&$%$6',63(16$'25
$17,&,32'(,038(6726
(67$17(5Ì$6
9(17,/$'25(6',9,6,21(6
(16(5(69$5,26'(2),&,1$
'(35(&,$&,Ð1$&808/$'$
$ 2.079.413.662
$ 1.783.177.076
TOTAL ACTIVO
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
&DStWXOR
75
(VWDGRVÀQDQFLHURV
'LHJR%DHQD7RUR
PASIVOS
PASIVO CORRIENTE
2%/,*$&,21(6),1$1&,(5$6
%$1&2%%9$52/'$1,//2
/($6,1*2&&,'(17(
3529(('25(6
5(7(1&,Ð1(1/$)8(17(3253$*$5
,9$3253$*$5
$ 911.603.073
$ 792.257.337
5(6(59$6(67$787$5,$6
5(6(59$3$5$)8785$6&$3,7$/,=$&,21(6
5(6(59$/(*$/
TOTAL PATRIMONIO
$ 1.167.810.589
$ 990.919.739
TOTAL PASIVO + PATRIMONIO
$ 2.079.413.662
$ 1.783.177.076
3529,6,Ð135(67$&,21(662&,$/(6
TOTAL PASIVO
PATRIMONIO
&$3,7$/
5(9$/25,=$&,Ð1'(/3$75,021,2
87,/,'$''(/(-(5&,&,2
Copyright © 2009. Ecoe Ediciones. All rights reserved.
ESTADO DE RESULTADOS
ALMACÉN CRÉDITOS DEL MAR S.A.S
al 31 de diciembre de 2007 - 2008
AÑO 2007
9(17$6
9(17$61(7$6
&2672'(9(17$
87,/,'$'%587$(19(17$6
*$672623(5$&,21$/(6
*$6726'(9(17$6
*$6726$'0,1,675$7,926
'(92/8&,Ð1(19(17$6
87,/,'$'23(5$7,9$
76
AÑO 2008
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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*$6726),1$1&,(526&5e',72
*$6726),1$1,&(526
GASTOS DE DEPRECIACIÓN
OTROS INGRESOS
87,/,'$''(/(-(5&,&,2
5HVSRQGDODVVLJXLHQWHVSUHJXQWDVPDUFDQGRODUHVSXHVWDFRUUHFWD
(VHOYDORUGHODXWLOLGDGQHWDSRUHOPpWRGRLQGLUHFWRSDUDHOLQIRUPHGH
ÁXMRGHHIHFWLYRGHODHPSUHVD$OPDFpQ&UpGLWRVGHO0DU6$6SRUHOSHUtRGR
D
E
F G
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D
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D
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F Copyright © 2009. Ecoe Ediciones. All rights reserved.
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D
E
F G
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ÀQDQFLHUDORVUHVXOWDGRVGHODVRSHUDFLRQHVORVFDPELRVHQHOSDWULPRQLR\HQ
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VXERUGLQDGRV DJHQFLDV R VXFXUVDOHV R XQ HQWH GRPLQDQWH \ ORV GRPLQDGRV
FRPRVLIXHVHQORVGHXQDVRODHPSUHVD
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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ODLQIRUPDFLyQÀQDQFLHUDGHXQHQWHPDWUL]\VXVVXERUGLQDGRVFRPRVLIXHVHQ
ORVGHXQDVRODHPSUHVD
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6HFDUDFWHUL]DQSRUWHQHUXQDFLUFXODFLyQRXVROLPLWDGR\SRUVXPLQLVWUDUXQ
PD\RUGHWDOOHGHDOJXQDVSDUWLGDVXRSHUDFLRQHV
Copyright © 2009. Ecoe Ediciones. All rights reserved.
&ODVLÀFDFLyQGHORVHVWDGRVÀQDQFLHURVGHSURSyVLWRHVSHFLDORHVSHFtÀFR6RQ
VHLV ORV WLSRV GH HVWDGRV FRQ HVWH SURSyVLWR HVSHFLDOEDODQFH LQLFLDO HVWDGRV
ÀQDQFLHURV GH SHULRGRV LQWHUPHGLRV HVWDGR GH FRVWRV HVWDGR GH LQYHQWDULR
HVWDGRVÀQDQFLHURVH[WUDRUGLQDULRV\HVWDGRVGHOLTXLGDFLyQ
A. Balance inicial
(OEDODQFHLQLFLDOHVDTXHOEDODQFHTXHVHKDFHDOPRPHQWRGHLQLFLDUXQDHPSUHVDRXQQHJRFLRHQpOVHUHJLVWUDQORVDFWLYRVSDVLYRV\SDWULPRQLR FDSLWDO FRQTXHVHFRQVWLWX\HHLQLFLDQRSHUDFLRQHV
&XDQGRVHFUHDXQDQXHYDHPSUHVDVHUHTXLHUHTXHORVVRFLRVDSRUWHQXQDVHULH
GHDFWLYRV\SRVLEOHPHQWHVHGHEDLQFXUULUHQDOJXQDVREOLJDFLRQHVSDUDSRGHU
RSHUDURDGTXLULUORVDFWLYRVORTXHHQVXFRQMXQWRFRQIRUPDQHOEDODQFHLQLFLDO
6DEHPRVTXHXQDFWLYRHVWRGRELHQRGHUHFKRTXHWHQJDODHPSUHVDTXHHO
SDVLYRVRQODVGHXGDV\REOLJDFLRQHVTXHVHWLHQHQFRQWHUFHURV\TXHHOSDWULPRQLRVRQORVDSRUWHVTXHORVVRFLRVKDFHQDODQXHYDHPSUHVD
78
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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ORVSDVLYRV\HOSDWULPRQLR
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6RQORVHVWDGRVÀQDQFLHURVEiVLFRVTXHVHSUHSDUDQGXUDQWHHOWUDQVFXUVRGHXQ
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ODHPSUHVDRSDUDDXWRULGDGHVGHFRQWURO\YLJLODQFLD
C. Estado de costos
/RVHVWDGRVGHFRVWRVVRQDTXHOORVTXHVHSUHSDUDQSDUDFRQRFHUHQGHWDOOHODV
HURJDFLRQHV\FDUJRVUHDOL]DGRVSDUDSURGXFLUORVELHQHVRSDUDODSUHVWDFLyQ
GHVHUYLFLRVGHORVFXDOHVXQDHPSUHVDGHULYDVXVLQJUHVRV
Modelo o Formato del ESTADO DE COSTOS
,QYHQWDULRLQLFLDOGHPDWHULDSULPD
&RPSUDGHPDWHULDOHV
0DWHULDOHVGLVSRQLEOHV
,QYHQWDULRÀQDO
0DWHULDOXVDGR
0DQRGHREUD
&RVWRVLQGLUHFWRVGHIDEULFDFLyQ
Copyright © 2009. Ecoe Ediciones. All rights reserved.
&RVWRGHIDEULFDFLyQRSURGXFFLyQ
,QYHQWDULRLQLFLDOGHSURGXFWRVWHUPLQDGRV
0HUFDQFtDGLVSRQLEOH
,QYHQWDULRÀQDOGHSURGXFWRVWHUPLQDGRV
&RVWRGHYHQWDV
'(VWDGRGHLQYHQWDULR
(OHVWDGRGHLQYHQWDULRHVDTXHOTXHGHEHHODERUDUVHPHGLDQWHODFRPSUREDFLyQHQGHWDOOHGHODH[LVWHQFLDGHFDGDXQDGHODVSDUWLGDVTXHFRPSRQHQHO
EDODQFHJHQHUDO
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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79
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((VWDGRVÀQDQFLHURVH[WUDRUGLQDULRV
6RQHVWDGRVÀQDQFLHURVH[WUDRUGLQDULRVORVTXHVHSUHSDUDQGXUDQWHHOWUDQVFXUVRGHXQSHUtRGRFRPREDVHSDUDUHDOL]DUFLHUWDVDFWLYLGDGHV/DIHFKDGH
ORVPLVPRVQRSXHGHVHUDQWHULRUDXQPHVDODDFWLYLGDGRVLWXDFLyQSDUDOD
FXDOGHEHSUHSDUDUVH
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F. Estados de liquidación
6RQ DTXHOORV LQIRUPHV TXH GHEH SUHVHQWDU OD HPSUHVD FXDQGR KD FHVDGR VX
DFWLYLGDGRSHUDFLRQDOSDUDLQIRUPDUVREUHHOJUDGRGHDYDQFHGHOSURFHVRGH
UHDOL]DFLyQGHVXVDFWLYRV YHQWDGHVXVSHUWHQHQFLDV \GHODFDQFHODFLyQGHVXV
SDVLYRV SDJRGHODVGLIHUHQWHVREOLJDFLRQHVRFRPSURPLVRVDGTXLULGRV /DHODERUDFLyQGHRWURVHVWDGRVÀQDQFLHURVGHSURSyVLWRHVSHFLDOFRPSUHQGHQ
DTXHOORVTXHFRQVXMHFLyQDODVQRUPDV\SDUDVDWLVIDFHUQHFHVLGDGHVHVSHFtÀFDVGHFLHUWRVXVXDULRVSXHGHQVHURUGHQDGRVSRUODVDXWRULGDGHVRORVSXHGHQ
FRQYHQLUORVSDUWLFXODUHVHVWRVVRQSDUDVXXVRH[FOXVLYRVRQSUHSDUDGRVVREUH
XQDEDVHGHFRQWDELOLGDGGLVWLQWDGHORVSULQFLSLRVJHQHUDOPHQWHDFHSWDGRV
6RQHMHPSORVGHRWUDVEDVHVFRPSUHQVLYDVGHFRQWDELOLGDGODVXWLOL]DGDVSDUD
SUHSDUDUGHFODUDFLRQHVWULEXWDULDVODFRQWDELOLGDGVREUHODEDVHGHHIHFWLYRUHFLELGR \ GHVHPEROVDGR \ HQ FLHUWRV FDVRV ODV EDVHV XWLOL]DGDV SDUD FXPSOLU
UHTXHULPLHQWRVIRUPXODGRVSRUODVDXWRULGDGHVGHFRQWURO\YLJLODQFLD
Copyright © 2009. Ecoe Ediciones. All rights reserved.
(VWDGRVÀQDQFLHURVFRPSDUDWLYRV
/RVHVWDGRVÀQDQFLHURVFRPSDUDWLYRVVRQDTXHOORVTXHSUHVHQWDQODVFLIUDVFRUUHVSRQGLHQWHVDPiVGHXQDIHFKDSHUtRGRRHQWHHFRQyPLFR
/RVHVWDGRVÀQDQFLHURVGHSURSyVLWRJHQHUDOVHGHEHQSUHSDUDU\SUHVHQWDUHQ
IRUPDFRPSDUDWLYDFRQORVGHOSHUtRGRLQPHGLDWDPHQWHDQWHULRUVLHPSUHTXH
WDOHVSHUtRGRVKXELHUHQWHQLGRXQDPLVPDGXUDFLyQ(QFDVRFRQWUDULRODFRPSDUDFLyQVHGHEHKDFHUUHVSHFWRGHORVHVWDGRVÀQDQFLHURVSUHSDUDGRVSDUD
PRVWUDUXQPLVPRODSVRGHOFLFORGHRSHUDFLRQHV
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
(MHPSOR
Empresa Tocalera Ltda.
%DODQFHJHQHUDOFRPSDUDWLYR
3RUORVDxRVWHUPLQDGRVDGLFLHPEUH ([SUHVDGRHQPLOHVGHSHVRVFRORPELDQRV
Nota
Año
Vertical
Año
Vertical
2008
%
2007
%
+RUL]RQWDO
Absoluta
5HODWLYD
2008 -
2007
$&7,92
',6321,%/(
,19(56,21(6
'(8'25(6
-
-
-
7.070.400
5.840.000
1.230.400
(48,32'(2),&,1$08(%/(6<(16(5(6
-
-
-
(48,32'(&203<&2081,&$&,21(6
-
-
-
,19(17$5,26
TOTAL ACTIVO CORRIENTE
3523,('$'3/$17$<(48,32
4
&DStWXOR
,17$1*,%/(6
6
-
-
',)(5,'26
7
727$/$&7,9212&255,(17(
TOTAL ACTIVO
12.610.400
10.890.000
1.720.400
27526$&7,926
9$/25,=$&,21(6
5
-
$QiOLVLVÀQDQFLHUR(QIRTXHSUR\HFFLRQHVÀQDQFLHUDV
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
Copyright © 2009. Ecoe Ediciones. All rights reserved.
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OHJDOSRUHOFRQWDGRUS~EOLFRTXHSUHSDUy\SRUHOUHYLVRUÀVFDOVLORKXELHUH
GDQGRDVtWHVWLPRQLRGHTXHKDQVLGRÀHOPHQWHWRPDGRVGHORVOLEURV
2WUDIRUPDGHFRPSUHQGHUORVHVWDGRVÀQDQFLHURVFHUWLÀFDGRVFRQIRUPHDOD
QRUPDYLJHQWHFRUUHVSRQGHDOUHSUHVHQWDQWHOHJDO\DOFRQWDGRUS~EOLFR EDMR
FX\DUHVSRQVDELOLGDGVHKXELHVHQSUHSDUDGRORVHVWDGRVÀQDQFLHURV FHUWLÀFDU
DTXHOORVTXHVHSRQJDQDGLVSRVLFLyQGHORVDVRFLDGRVRGHWHUFHUDVSHUVRQDV
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6RQDTXHOORVHVWDGRVÀQDQFLHURVFHUWLÀFDGRVTXHVHDFRPSDxHQGHODRSLQLyQ
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JHQHUDOPHQWHDFHSWDGDV
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6HxDOHFRQXQDHTXLV [ ODUHVSXHVWDTXHFRQVLGHUHFRUUHFWD
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E$SHUWXUDGHVDUUROORFLHUUH
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
(VODFODVLÀFDFLyQGHORVHVWDGRVÀQDQFLHURVGHSURSyVLWRJHQHUDO
D(VWDGRVÀQDQFLHURVFRQVROLGDGRVHVWDGRVÀQDQFLHURVFHUWLÀFDGRV
E(VWDGRVÀQDQFLHURVGLFWDPLQDGRVHVWDGRVÀQDQFLHURVEiVLFRV
F (VWDGRVÀQDQFLHURVEiVLFRVHVWDGRVÀQDQFLHURVFRQVROLGDGRV
G(VWDGRVÀQDQFLHURVFRPSDUDWLYRVHVWDGRVÀQDQFLHURVGLFWDPLQDGRV
1RHVXQHVWDGRÀQDQFLHURGHSURSyVLWRHVSHFtÀFR
D%DODQFHLQLFLDO
E(VWDGRGHLQYHQWDULRV
F %DODQFHLQLFLDO
G(VWDGRGHUHVXOWDGRV
6RQGRVHVWDGRVÀQDQFLHURVEiVLFRV
D(VWDGRGHFRVWRV\ÁXMRGHHIHFWLYR
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Capítulo 4
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Actividades para
el cálculo del
análisis financiero
Competencias
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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ACTIVO
ACTIVO CORRIENTE
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CAJA
BANCOS
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2007
PASIVOS
PASIVO CORRIENTE
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ESTADO DE RESULTADOS
ALMACÉN CRÉDITOS DEL MAR S.A.S
al 31 de diciembre de 2007 - 2008
AÑO 2007
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AÑO 2008
GASTOS DE DEPRECIACIÓN
OTROS INGRESOS
UTILIDAD DEL EJERCICIO
$ 93.718.205
$ 97.533.544
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TXHXQDFXHQWDHQSDUWLFXODUKDVXIULGRHQXQSHULRGRFRQUHVSHFWRGHRWUR
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Variación relativa. 3DUDGHWHUPLQDUODYDULDFLyQUHODWLYD HQSRUFHQWDMH GHXQ
SHULRGRUHVSHFWRDRWURVHGHEHDSOLFDUXQFiOFXORJHRPpWULFR3DUDHVWRVH
GLYLGHHOSHULRGRSRUHOSHULRGRVHOHUHVWD\HVHUHVXOWDGRVHPXOWLSOLFDSRUSDUDFRQYHUWLUORHQSRUFHQWDMH/DIyUPXODVHUtD 33 Variación en veces (razón (O FiOFXOR GH OD YDULDFLyQ D WUDYpV GH OD UD]yQ
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Cálculo del valor absoluto
Copyright © 2009. Ecoe Ediciones. All rights reserved.
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Interpretación
3DUDODHPSUHVD0DQXIDFWXUDGRVGHO1RUWH6$HOHIHFWLYRSUHVHQWDXQDGLVPLQXFLyQGHHQWUHORVDxRV\
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Al obtener un resultado positivo, nos indica que hubo un incremento en dicha
cuenta en el último período, con relación al dato suministrado por el año inmediatamente anterior.
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(ODQiOLVLVKRUL]RQWDOEDVDGRHQXQLGDGHVPRQHWDULDVWLHQHVHQWLGRSDUDDOJXQDVFXHQWDVSHURSDUDRWUDVQR
$XWRDSUHQGL]DMH
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
Forma 1
&iOFXORJHRPpWULFR
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Interpretación
Para la empresa Manufacturados del Norte S. A., el efectivo presenta una disminución del 15,48% entre los años 2007 y 2008.
&XDQGRHOUHVXOWDGRKDOODGRHVQHJDWLYRVLJQL¿FDTXHODFXHQWDHQHODxR
ha presentado una disminución en su saldo, con relación al saldo del período
inmediatamente anterior.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
Forma 2
Cálculo geométrico
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Forma 3
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Cálculo geométrico
5HVXOWDGRREWHQLGR
Interpretación
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Interpretación
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Para la empresa Manufacturados del Norte S. A., el efectivo presenta una disminución de 0,84 veces entre los años 2007 y 2008.
&XDQGRHOUHVXOWDGRHQLQIHULRUDVLJQL¿FDTXHVHKDSUHVHQWDGRXQDGLVPLQXFLyQVLHVLJXDODQRKDSUHVHQWDGRYDULDFLyQDOJXQD\VLHVVXSHULRUD
quiere decir que aumentó el saldo de la cuenta en el año 2008, con relación al
año inmediatamente anterior.
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Cálculos al análisis horizontal en valor absoluto, relativo y de razón, para el
balance general de la empresa Manufacturados del Norte S. A. en su activo
corriente:
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Empresa Almacén Créditos del Mar SAS
Balance general
al 31 de diciembre de 2007 - 2008
ACTIVO
ACTIVO CORRIENTE
2008
CAJA
BANCOS
,19(56,21(6
2007
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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$&7,9212&255,(17(
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08(%/(6<(48,326'(2),&,1$
9,75,1$6&$%$6',63(16$'25
(67$17(5Ì$6
9(17,/$'25(6',9,6,21(6
(16(5(69$5,26'(2),&,1$
'(35(&,$&,Ð1$&808/$'$
$ 2.079.413.662
$ 1.783.177.076
&8(17$6325&2%5$5(03/($'26
$17,&,32'(,038(6726
TOTAL ACTIVO
PASIVOS
3$6,92&255,(17(
2%/,*$&,21(6),1$1&,(5$6
%$1&2%%9$52/'$1,//2
/($6,1*2&&,'(17(
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,9$3253$*$5
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3529,6,Ð135(67$&,21(662&,$/(6
727$/3$6,92
3$75,021,2
&$3,7$/
5(6(59$6(67$787$5,$6
5(6(59$3$5$)8785$6&$3,7$/,=$&,21(6
5(6(59$/(*$/
5(9$/25,=$&,Ð1'(/3$75,021,2
87,/,'$''(/(-(5&,&,2
727$/3$75,021,2
TOTAL PASIVO + PATRIMONIO
$ 2.079.413.662
$ 1.783.177.076
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Actividades para el cálculo
GHODQiOLVLVÀQDQFLHUR
Diego Baena Toro
ESTADO DE RESULTADOS
ALMACÉN CRÉDITOS DEL MAR S.A.S
al 31 de diciembre de 2007 - 2008
AÑO 2007
VENTAS BRUTAS
AÑO 2008
$ 3.141.857.000
$ 2.833.193.000
$ 45.532.000
$ 57.469.000
VENTAS NETAS
$ 3.096.325.000
$ 2.775.724.000
COSTO DE VENTA
$ 2.586.542.687
$ 2.163.849.482
UTILIDAD BRUTA EN VENTAS
$ 509.782.313
$ 611.874.518
GASTOS OPERACIONALES
$ 531.390.796
$ 661.204.118
GASTOS DE VENTAS
$ 221.371.895
$ 227.886.238
GASTOS ADMINISTRATIVOS
$ 194.764.250
$ 249.290.436
$ 93.646.168
$ 134.697.844
GASTOS FINANCIEROS CRÉDITO
$ 8.065.640
$ 24.765.200
GASTOS FINANICEROS
$ 8.077.640
$ 8.691.500
DEVOLUCIÓN EN VENTAS
UTILIDAD OPERATIVA
GASTOS DE DEPRECIACIÓN
$ 5.465.203
$ 15.872.900
OTROS INGRESOS
$ 21.680.520
$ 12.165.300
UTILIDAD DEL EJERCICIO
$ 93.718.205
$ 97.533.544
Señale con una equis (X) la respuesta que crea acertada, haciendo uso de los
HVWDGRVÀQDQFLHURVGHODHPSUHVD$OPDFpQ&UpGLWRVGHO0DU6$6SDUDORVSHríodos 2007 – 2008.
1. Es el valor correspondiente al capital de trabajo, para cada uno de los dos
DxRVPHQFLRQDGRV
a. $ 918.532.006,00 $ 725.664.056,00
Copyright © 2009. Ecoe Ediciones. All rights reserved.
b. $ 918.532.006,00 $ 752.664.056,00
c. -$ 918.532.006,00 $ 752.664.056,00
d. $ 918.532.006,00 -$ 752.664.056,00
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a. 2,01
-1,95
b. -2,01
1,95
c. 1,95
2,01
d. 2,01
1,95
3. El indicador de la prueba ácida, le indica la cantidad de veces que el activo
corriente puede cubrir obligaciones de corto plazo, sin la dependencia de
los inventarios.
136
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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137
Actividades para el cálculo
GHODQiOLVLVÀQDQFLHUR
Diego Baena Toro
a. Rotación (veces) de inventarios de materia prima
b. Rotación (veces) de inventarios de productos en proceso
c. Rotación (veces) de inventarios de productos terminados
5. Rotación de activos operacionales
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7. Rotación de activos totales o rotación de la inversión
8. Rotación de proveedores
5RWDFLyQGHOFDSLWDOGHWUDEDMR
10. Rotación del patrimonio líquido
1. Ciclo operativo o ciclo del negocio
Copyright © 2009. Ecoe Ediciones. All rights reserved.
Este indicador nos muestra el periodo promedio de rotación (en días) del dinero en el negocio de la empresa; es decir, el tiempo que le toma convertir en
efectivo los inventarios y recuperar su cartera.
Fuente: SENA
Modo de cálculo
Cálculo matemático
138
Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
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Copyright © 2009. Ecoe Ediciones. All rights reserved.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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Baena, Toro, Diego. <i>Análisis financiero: enfoque, proyecciones financieras</i>, Ecoe Ediciones, 2009. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/uisraelsp/detail.action?docID=3193382.
Created from uisraelsp on 2019-11-11 14:02:51.
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