Deder Maria Celia

COSTO CAPITAL ÓPTIMO

Aporte Costo %

72,500.00 25% 50% 13%

72,500.00 10% 50% 5%

145,000.00 17.50% TMAR

CALCULO DEL TIRAÑO INVERSION INGRESOS POLIZA INT POLIZA

5% -0 -145000

1 237,900.00 6,617.86 330.89 215,050.00 2 265,947.50 15,949.64 797.48 235,806.25 3 272,596.19 16,220.50 811.03 242,158.78 4 279,411.09 16,478.25 823.91 248,689.87 5 286,396.37 16,721.57 836.08 255,404.97 6 293,556.28 55,115.45 2,755.77 262,309.71 58,000.00

TIR 13.45%

EL PROYECTO NO ES VIABLE EL TIR ES MENOR A LA TMAR

TIR 13.45%< TMAR 17.50%

% Participación

Costo ponderado

Aporte Accionistas

Prestamo bancario

GASTOS OPERATIVOS

VALOR RESIDUAL

17.50%

DEPRECIACIONFLUJO ACTIVOS FIJOS AÑO DEPRECIACION

145,000.00 0 0 (145,000.00) 1 14,500.00

23,180.89 2 14,500.00 30,938.73 3 14,500.00 31,248.43 4 14,500.00 31,545.14 5 14,500.00 31,827.48 6 14,500.00 92,002.34 7 14,500.00

8 14,500.00

9 14,500.00 10 14,500.00

VALOR RESIDUAL

58,000.00

FLUJOS DE CAJAPRONOSTICO DE VENTAS

AÑO 0 AÑO 1 AÑO 2 AÑO 3VENTAS

260,000.00 266,500.00 273,162.50 Ctas x Cobrar credito 60%Gastos en compras 70% 156,000.00 159,900.00 163,897.50

182,000.00 186,550.00 191,213.75 Ctas x Cobrar 30 dias 50% - Ctas x Cobrar 60 dias 30% 71,500.00 79,787.50 81,782.19 Ctas x Cobrar 90 dias 20% 39,000.00 47,775.00 48,969.38 Ctas x Cobrar contado 40% 23,400.00 31,785.00 32,579.63 Total ingresos x Vtas 104,000.00 106,600.00 109,265.00

237,900.00 265,947.50 272,596.19 FLUJO CAJA OPERATIVO

INGRESOSINVERSION INICIAL (145,000.00)Ventas 237,900.00 265,947.50 272,596.19

EGRESOS - Gastos de Publicidad 3% 7,800.00 7,995.00 8,194.88 Compras al Contado 70% 127,400.00 130,585.00 133,849.63 Compras Credito 30% mes sgte 30% 50,050.00 55,851.25 57,247.53

Sueldos 18,000.00 18,900.00 19,845.00 Beneficios Sociales 35% 35% 6,300.00 6,615.00 6,945.75 Alquiler 4,000.00 4,000.00 4,000.00 Gastos generales 1,500.00 1,500.00 1,500.00 Pago de Impuestos - 10,360.00 10,576.00

215,050.00 235,806.25 242,158.78 Total Flujo Operativo (145,000.00) 22,850.00 30,141.25 30,437.41

FLUJO FINANCIEROIngresos 100%

Aporte accionistas 50% 72,500.00 - Prestamos Bancos 50% 72,500.00 -

145,000.00 - Egresos

Pagos Bancos 0 12,083.33 12,083.33 12,083.33 pago interes bancario 10% 0 1,208.33 1,208.33 1,208.33

0 13,291.67 13,291.67 13,291.67 Total Flujo Financiero 145,000.00 (13,291.67) (13,291.67) (13,291.67)

FLUJO TOTAL - 9,558.333 16,849.583 17,145.740 Saldo inicial Caja 30,465.42 33,405.89 34,305.83 Saldo final 40,023.75 50,255.47 51,451.57

Necesidad de Fondos (6,617.86) (15,949.64) (16,220.50)Saldo minimo de Caja(SMC) 33,405.89 34,305.83 35,231.06

53315 43,756.667

215,050.00 235,806.25 242,158.78 22,850.00 30,141.25 30,437.41

FLUJOS DE CAJA ESTADO DE RESULTADOS

AÑO 4 AÑO 5 AÑO 6Ventas

279,991.56 286,991.35 294,166.14 (-) Costo de ventasUtilidad Bruta

167,994.94 172,194.81 176,499.68 Egresos 195,994.09 200,893.95 205,916.29 GASTOS EN PUBLICIDAD

Sueldo y Salarios 83,826.74 85,922.41 88,070.47 Beneficios Sociales 50,193.61 51,448.45 52,734.66 Alquiler 33,394.12 34,228.97 35,084.69 Gastos Generales 111,996.62 114,796.54 117,666.45 Depreciación Activos 279,411.09 286,396.37 293,556.28 Total Egresos

InteresesUtilidad antes de impuestos Impuesto 40%

279,411.09 286,396.37 293,556.28 Utilidad Liquida del Ejercicio

8,399.75 8,609.74 8,824.98 137,195.87 140,625.76 144,141.41 58,678.72 60,145.69 61,649.33

20,837.25 21,879.11 22,973.07 DEPRECIACION EN LINEA RECTA 7,293.04 7,657.69 8,040.57 4,000.00 4,000.00 4,000.00 ACTIVOS FIJOS 1,500.00 1,500.00 1,500.00 10,785.25 10,986.97 11,180.35 248,689.87 255,404.97 262,309.71 SMC 30,721.22 30,991.40 31,246.57

12,083.33 12,083.33 12,083.33 1,208.33 1,208.33 1,208.33 Dias de Inventario 13,291.67 13,291.67 13,291.67 Dias Ctas x Cobrar (13,291.67) (13,291.67) (13,291.67) Dias Ctas x Pagar

CICLO DE CAJA 17,429.556 17,699.737 17,954.905 35,231.06 36,182.37 37,160.54 52,660.62 53,882.11 55,115.45

(16,478.25) (16,721.57) (55,115.45) (127,103.27) 36,182.37 37,160.54 -

248,689.87 255,404.97 262,309.71 30,721.22 30,991.40 31,246.57

ESTADO DE RESULTADOS

AÑO 1 AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6 260,000.00 266,500.00 273,162.50 279,991.56 286,991.35 294,166.14 (182,000.00) (186,550.00) (191,213.75) (195,994.09) (200,893.95) (205,916.29) 78,000.00 79,950.00 81,948.75 83,997.47 86,097.41 88,249.84

- - - 7,800.00 7,995.00 8,194.88 8,399.75 8,609.74 8,824.98 18,000.00 18,900.00 19,845.00 20,837.25 21,879.11 22,973.07 6,300.00 6,615.00 6,945.75 7,293.04 7,657.69 8,040.57 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 14,500.00 14,500.00 14,500.00 14,500.00 14,500.00 14,500.00 52,100.00 53,510.00 54,985.63 56,530.03 58,146.54 59,838.63

- - - 25,900.00 26,440.00 26,963.13 27,467.43 27,950.86 28,411.21 10,360.00 10,576.00 10,785.25 10,986.97 11,180.35 11,364.49 15,540.00 15,864.00 16,177.88 16,480.46 16,770.52 17,046.73

DEPRECIACION EN LINEA RECTAAÑO 1 AÑO 2 AÑO 3 AÑO 4 AÑO 5 AÑO 6 AÑO 7 14,500.00 14,500.00 14,500.00 14,500.00 14,500.00 14,500.00 14,500.00

SMC

AÑO DIAS1 215,050.00 360 597.36 30,465.42 2 235,806.25 360 655.02 33,405.89 3 242,158.78 360 672.66 34,305.83 4 248,689.87 360 690.81 35,231.06 5 255,404.97 360 709.46 36,182.37 6 262,309.71 360 728.64 37,160.54

30 DIAS DE PAGO (% COBRANZAS)51 DIAS 30 50%30 DIAS 60 30%51 DIAS 90 20%

51

VALOR OPERATIVO

CAPITAL TRABAJO

AÑO 8 AÑO 9 AÑO 10 14,500.00 14,500.00 14,500.00 145,000.00

FLUJO OPERATIVO AÑO 1

PRONOSTICO DE VENTASANUAL ene feb mar

VENTAS 260,000.00 21,666.67 21,666.67 21,666.67

Ctas x Cobrar credito 60% 156,000.00 13,000.00 13,000.00 13,000.00 Gastos en compras 70% 182,000.00 15,166.67 15,166.67 15,166.67

Ctas x Cobrar 30 dias 50% 71,500.00 6,500.00 6,500.00 Ctas x Cobrar 60 dias 30% 39,000.00 3,900.00 Ctas x Cobrar 90 dias 20% 23,400.00 Ctas x Cobrar contado 40% 104,000.00 8,666.67 8,666.67 8,666.67 Total ingresos x Vtas 237,900.00 8,666.67 15,166.67 19,066.67

FLUJO CAJA OPERATIVOINGRESOS

Ventas 237,900.00 8,666.67 15,166.67 19,066.67 EGRESOS

Gastos de Publicidad 3% 7,800.00 650.00 650.00 650.00 Compras al Contado 70% 127,400.00 10,616.67 10,616.67 10,616.67

Compras Credito 30% mes sgte 30% 50,050.00 4,550.00 4,550.00 Sueldos 18,000.00 1,500.00 1,500.00 1,500.00 Beneficios Sociales 35% 35% 6,300.00 525.00 525.00 525.00 Alquiler 4,000.00 333.33 333.33 333.33 Gastos generales 1,500.00 125.00 125.00 125.00 Pago de Impuestos

215,050.00 13,750.00 18,300.00 18,300.00 Total Flujo Operativo 22,850.00 (5,083.33) (3,133.33) 766.67

ESTADO DE RESULTADOS - AÑO 1Ventas 260,000.00 (-) Costo de ventas (182,000.00)

Utilidad Bruta 78,000.00 Egresos GASTOS EN PUBLICIDAD 7,800.00 Sueldo y Salarios 18,000.00 Beneficios Sociales 6,300.00 Alquiler 4,000.00 Gastos Generales 1,500.00 Depreciación Activos 14,500.00

Total Egresos 52,100.00

InteresesUtilidad antes de impuestos 25,900.00 Impuesto 40% 10,360.00 Utilidad Liquida del Ejercicio 15,540.00

abr may jun jul ago sep oct 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67

13,000.00 13,000.00 13,000.00 13,000.00 13,000.00 13,000.00 13,000.00 15,166.67 15,166.67 15,166.67 15,166.67 15,166.67 15,166.67 15,166.67

6,500.00 6,500.00 6,500.00 6,500.00 6,500.00 6,500.00 6,500.00 3,900.00 3,900.00 3,900.00 3,900.00 3,900.00 3,900.00 3,900.00 2,600.00 2,600.00 2,600.00 2,600.00 2,600.00 2,600.00 2,600.00 8,666.67 8,666.67 8,666.67 8,666.67 8,666.67 8,666.67 8,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67

21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67 21,666.67

650.00 650.00 650.00 650.00 650.00 650.00 650.00 10,616.67 10,616.67 10,616.67 10,616.67 10,616.67 10,616.67 10,616.67 4,550.00 4,550.00 4,550.00 4,550.00 4,550.00 4,550.00 4,550.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 525.00 525.00 525.00 525.00 525.00 525.00 525.00 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00

18,300.00 18,300.00 18,300.00 18,300.00 18,300.00 18,300.00 18,300.00 3,366.67 3,366.67 3,366.67 3,366.67 3,366.67 3,366.67 3,366.67

nov dic 21,666.67 21,666.67

13,000.00 13,000.00 15,166.67 15,166.67

6,500.00 6,500.00 3,900.00 3,900.00 2,600.00 2,600.00 8,666.67 8,666.67 21,666.67 21,666.67

21,666.67 21,666.67

650.00 650.00 10,616.67 10,616.67 4,550.00 4,550.00 1,500.00 1,500.00 525.00 525.00 333.33 333.33 125.00 125.00

18,300.00 18,300.00 3,366.67 3,366.67



VENTAS 266,500.00 22,208.33 22,208.33 22,208.33


Ctas x Cobrar 30 dias 50% 79,787.50 6,500.00 6,662.50 6,662.50 Ctas x Cobrar 60 dias 30% 47,775.00 3,900.00 3,900.00 3,997.50 Ctas x Cobrar 90 dias 20% 31,785.00 2,600.00 2,600.00 2,600.00 Ctas x Cobrar contado 40% 106,600.00 8,883.33 8,883.33 8,883.33 Total ingresos x Vtas 265,947.50 21,883.33 22,045.83 22,143.33


Ventas 265,947.50 21,883.33 22,045.83 22,143.33 EGRESOS


Compras Credito 30% mes sgte 30% 55,851.25 4,550.00 4,663.75 4,663.75 Sueldos 5% 18,900.00 1,575.00 1,575.00 1,575.00 Beneficios Sociales 35% 35% 6,615.00 551.25 551.25 551.25 Alquiler 4,000.00 333.33 333.33 333.33 Gastos generales 1,500.00 125.00 125.00 125.00 Pagos de Impuestos 10,360.00 - - -

235,806.25 18,682.92 18,796.67 18,796.67 Total Flujo Operativo 30,141.25 3,200.42 3,249.17 3,346.67





13,325.00 13,325.00 13,325.00 13,325.00 13,325.00 13,325.00 13,325.00 15,545.83 15,545.83 15,545.83 15,545.83 15,545.83 15,545.83 15,545.83

6,662.50 6,662.50 6,662.50 6,662.50 6,662.50 6,662.50 6,662.50 3,997.50 3,997.50 3,997.50 3,997.50 3,997.50 3,997.50 3,997.50 2,665.00 2,665.00 2,665.00 2,665.00 2,665.00 2,665.00 2,665.00 8,883.33 8,883.33 8,883.33 8,883.33 8,883.33 8,883.33 8,883.33 22,208.33 22,208.33 22,208.33 22,208.33 22,208.33 22,208.33 22,208.33

22,208.33 22,208.33 22,208.33 22,208.33 22,208.33 22,208.33 22,208.33

666.25 666.25 666.25 666.25 666.25 666.25 666.25 10,882.08 10,882.08 10,882.08 10,882.08 10,882.08 10,882.08 10,882.08 4,663.75 4,663.75 4,663.75 4,663.75 4,663.75 4,663.75 4,663.75 1,575.00 1,575.00 1,575.00 1,575.00 1,575.00 1,575.00 1,575.00 551.25 551.25 551.25 551.25 551.25 551.25 551.25 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00 10,360.00 - - - - - - 29,156.67 18,796.67 18,796.67 18,796.67 18,796.67 18,796.67 18,796.67 (6,948.33) 3,411.67 3,411.67 3,411.67 3,411.67 3,411.67 3,411.67

nov dic 22,208.33 22,208.33

13,325.00 13,325.00 15,545.83 15,545.83

6,662.50 6,662.50 3,997.50 3,997.50 2,665.00 2,665.00 8,883.33 8,883.33 22,208.33 22,208.33

22,208.33 22,208.33

666.25 666.25 10,882.08 10,882.08 4,663.75 4,663.75 1,575.00 1,575.00 551.25 551.25 333.33 333.33 125.00 125.00 - - 18,796.67 18,796.67 3,411.67 3,411.67



VENTAS 273,162.50 22,763.54 22,763.54 22,763.54




Ventas 272,596.19 22,430.42 22,596.98 22,696.92 EGRESOS


Compras Credito 30% mes sgte 30% 57,247.53 4,663.75 4,780.34 4,780.34 Sueldos 5% 19,845.00 1,653.75 1,653.75 1,653.75 Beneficios Sociales 35% 35% 6,945.75 578.81 578.81 578.81 Alquiler 4,000.00 333.33 333.33 333.33 Gastos generales 1,500.00 125.00 125.00 125.00 Pagos de Impuestos 10,576.00 - - -






13,658.13 13,658.13 13,658.13 13,658.13 13,658.13 13,658.13 13,658.13 15,934.48 15,934.48 15,934.48 15,934.48 15,934.48 15,934.48 15,934.48

6,829.06 6,829.06 6,829.06 6,829.06 6,829.06 6,829.06 6,829.06 4,097.44 4,097.44 4,097.44 4,097.44 4,097.44 4,097.44 4,097.44 2,731.63 2,731.63 2,731.63 2,731.63 2,731.63 2,731.63 2,731.63 9,105.42 9,105.42 9,105.42 9,105.42 9,105.42 9,105.42 9,105.42 22,763.54 22,763.54 22,763.54 22,763.54 22,763.54 22,763.54 22,763.54

22,763.54 22,763.54 22,763.54 22,763.54 22,763.54 22,763.54 22,763.54

682.91 682.91 682.91 682.91 682.91 682.91 682.91 11,154.14 11,154.14 11,154.14 11,154.14 11,154.14 11,154.14 11,154.14 4,780.34 4,780.34 4,780.34 4,780.34 4,780.34 4,780.34 4,780.34 1,653.75 1,653.75 1,653.75 1,653.75 1,653.75 1,653.75 1,653.75 578.81 578.81 578.81 578.81 578.81 578.81 578.81 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00 10,576.00 - - - - - - 29,884.28 19,308.28 19,308.28 19,308.28 19,308.28 19,308.28 19,308.28 (7,120.74) 3,455.26 3,455.26 3,455.26 3,455.26 3,455.26 3,455.26

nov dic 22,763.54 22,763.54

13,658.13 13,658.13 15,934.48 15,934.48

6,829.06 6,829.06 4,097.44 4,097.44 2,731.63 2,731.63 9,105.42 9,105.42 22,763.54 22,763.54

22,763.54 22,763.54

682.91 682.91 11,154.14 11,154.14 4,780.34 4,780.34 1,653.75 1,653.75 578.81 578.81 333.33 333.33 125.00 125.00 - - 19,308.28 19,308.28 3,455.26 3,455.26



VENTAS 279,991.56 23,332.63 23,332.63 23,332.63




Ventas 279,411.09 22,991.18 23,161.90 23,264.34 EGRESOS


Compras Credito 30% mes sgte 30% 58,678.72 4,780.34 4,899.85 4,899.85 Sueldos 5% 20,837.25 1,736.44 1,736.44 1,736.44 Beneficios Sociales 35% 35% 7,293.04 607.75 607.75 607.75 Alquiler 4,000.00 333.33 333.33 333.33 Gastos generales 1,500.00 125.00 125.00 125.00 Pagos de Impuestos 10,785.25






13,999.58 13,999.58 13,999.58 13,999.58 13,999.58 13,999.58 13,999.58 16,332.84 16,332.84 16,332.84 16,332.84 16,332.84 16,332.84 16,332.84

6,999.79 6,999.79 6,999.79 6,999.79 6,999.79 6,999.79 6,999.79 4,199.87 4,199.87 4,199.87 4,199.87 4,199.87 4,199.87 4,199.87 2,799.92 2,799.92 2,799.92 2,799.92 2,799.92 2,799.92 2,799.92 9,333.05 9,333.05 9,333.05 9,333.05 9,333.05 9,333.05 9,333.05 23,332.63 23,332.63 23,332.63 23,332.63 23,332.63 23,332.63 23,332.63

23,332.63 23,332.63 23,332.63 23,332.63 23,332.63 23,332.63 23,332.63

699.98 699.98 699.98 699.98 699.98 699.98 699.98 11,432.99 11,432.99 11,432.99 11,432.99 11,432.99 11,432.99 11,432.99 4,899.85 4,899.85 4,899.85 4,899.85 4,899.85 4,899.85 4,899.85 1,736.44 1,736.44 1,736.44 1,736.44 1,736.44 1,736.44 1,736.44 607.75 607.75 607.75 607.75 607.75 607.75 607.75 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00 10,785.25 30,620.59 19,835.34 19,835.34 19,835.34 19,835.34 19,835.34 19,835.34 (7,287.96) 3,497.29 3,497.29 3,497.29 3,497.29 3,497.29 3,497.29

nov dic 23,332.63 23,332.63

13,999.58 13,999.58 16,332.84 16,332.84

6,999.79 6,999.79 4,199.87 4,199.87 2,799.92 2,799.92 9,333.05 9,333.05 23,332.63 23,332.63

23,332.63 23,332.63

699.98 699.98 11,432.99 11,432.99 4,899.85 4,899.85 1,736.44 1,736.44 607.75 607.75 333.33 333.33 125.00 125.00

19,835.34 19,835.34 3,497.29 3,497.29



VENTAS 286,991.35 23,915.95 23,915.95 23,915.95




Ventas 286,396.37 23,565.96 23,740.95 23,845.95 EGRESOS








14,349.57 14,349.57 14,349.57 14,349.57 14,349.57 14,349.57 14,349.57 16,741.16 16,741.16 16,741.16 16,741.16 16,741.16 16,741.16 16,741.16

7,174.78 7,174.78 7,174.78 7,174.78 7,174.78 7,174.78 7,174.78 4,304.87 4,304.87 4,304.87 4,304.87 4,304.87 4,304.87 4,304.87 2,869.91 2,869.91 2,869.91 2,869.91 2,869.91 2,869.91 2,869.91 9,566.38 9,566.38 9,566.38 9,566.38 9,566.38 9,566.38 9,566.38 23,915.95 23,915.95 23,915.95 23,915.95 23,915.95 23,915.95 23,915.95

23,915.95 23,915.95 23,915.95 23,915.95 23,915.95 23,915.95 23,915.95

717.48 717.48 717.48 717.48 717.48 717.48 717.48 11,718.81 11,718.81 11,718.81 11,718.81 11,718.81 11,718.81 11,718.81 5,022.35 5,022.35 5,022.35 5,022.35 5,022.35 5,022.35 5,022.35 1,823.26 1,823.26 1,823.26 1,823.26 1,823.26 1,823.26 1,823.26 638.14 638.14 638.14 638.14 638.14 638.14 638.14 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00 10,986.97 31,365.35 20,378.37 20,378.37 20,378.37 20,378.37 20,378.37 20,378.37 (7,449.40) 3,537.57 3,537.57 3,537.57 3,537.57 3,537.57 3,537.57

nov dic 23,915.95 23,915.95

14,349.57 14,349.57 16,741.16 16,741.16

7,174.78 7,174.78 4,304.87 4,304.87 2,869.91 2,869.91 9,566.38 9,566.38 23,915.95 23,915.95

23,915.95 23,915.95

717.48 717.48 11,718.81 11,718.81 5,022.35 5,022.35 1,823.26 1,823.26 638.14 638.14 333.33 333.33 125.00 125.00

20,378.37 20,378.37 3,537.57 3,537.57



VENTAS 294,166.14 24,513.84 24,513.84 24,513.84




Ventas 293,556.28 24,155.11 24,334.48 24,442.10 EGRESOS








14,708.31 14,708.31 14,708.31 14,708.31 14,708.31 14,708.31 14,708.31 17,159.69 17,159.69 17,159.69 17,159.69 17,159.69 17,159.69 17,159.69

7,354.15 7,354.15 7,354.15 7,354.15 7,354.15 7,354.15 7,354.15 4,412.49 4,412.49 4,412.49 4,412.49 4,412.49 4,412.49 4,412.49 2,941.66 2,941.66 2,941.66 2,941.66 2,941.66 2,941.66 2,941.66 9,805.54 9,805.54 9,805.54 9,805.54 9,805.54 9,805.54 9,805.54 24,513.84 24,513.84 24,513.84 24,513.84 24,513.84 24,513.84 24,513.84

24,513.84 24,513.84 24,513.84 24,513.84 24,513.84 24,513.84 24,513.84

735.42 735.42 735.42 735.42 735.42 735.42 735.42 12,011.78 12,011.78 12,011.78 12,011.78 12,011.78 12,011.78 12,011.78 5,147.91 5,147.91 5,147.91 5,147.91 5,147.91 5,147.91 5,147.91 1,914.42 1,914.42 1,914.42 1,914.42 1,914.42 1,914.42 1,914.42 670.05 670.05 670.05 670.05 670.05 670.05 670.05 333.33 333.33 333.33 333.33 333.33 333.33 333.33 125.00 125.00 125.00 125.00 125.00 125.00 125.00 11,180.35 32,118.26 20,937.91 20,937.91 20,937.91 20,937.91 20,937.91 20,937.91 (7,604.41) 3,575.93 3,575.93 3,575.93 3,575.93 3,575.93 3,575.93

nov dic 24,513.84 24,513.84

14,708.31 14,708.31 17,159.69 17,159.69

7,354.15 7,354.15 4,412.49 4,412.49 2,941.66 2,941.66 9,805.54 9,805.54 24,513.84 24,513.84

24,513.84 24,513.84

735.42 735.42 12,011.78 12,011.78 5,147.91 5,147.91 1,914.42 1,914.42 670.05 670.05 333.33 333.33 125.00 125.00

20,937.91 20,937.91 3,575.93 3,575.93

Deder Maria Celia

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Transcript of Deder Maria Celia