taller de punto de equilibrio

1. TALLER N° 4
Tri-Star Productions, Inc. está evaluando dos diferentes estructuras
operativas que se describen a continuación. La empresa tiene gastos de
intereses anuales de $ 250, acciones comunes en circulación de 1000, y
una tasa impositiva del 40 por ciento.
Costo Fijos
Precio Costo variable
Por Unidad Por Unidad
Estructura operativa 1 500 1 0.75
Estructura operativa 2 1200 1 0.7
(a) Para cada estructura operativa, calcule:
1.- EBIT y EPS al nivel de 10000, 20000 y 30000 unidades.
2.- El grado de apalancamiento operativo (DOL) y el grado de
apalancamiento total (DTL) con 20000 unidades como base en el
nivel de ventas.
3.- El punto de equilibrio operativo en unidades.
(b) ¿Qué estructura operativa tiene un mayor apalancamiento
operativo y riesgo empresarial?
(c) En caso de Tri-Star Productions, Inc. proyecte ventas de 20.000
unidades, cuál estructura operativa es recomendada?

3. e gastos de
de 1000, y Ti Anual
P= 1 Ti Anual
CVu= 0.75 ACC C
CF= 500 Tc
CANTIDADES INGRESOS CV CF CT
0 - - 500.00 500.00
2,000 2,000.00 1,500.00 500.00 2,000.00
3,000 3,000.00 2,250.00 500.00 2,750.00
9,000.00 9,000.00 6,750.00 500.00 7,250.00
a.1) 10,000 10,000.00 7,500.00 500.00 8,000.00
14000 14,000.00 10,500.00 500.00 11,000.00
a.1) 2) 15200 15,200.00 11,400.00 500.00 11,900.00
15300 15,300.00 11,475.00 500.00 11,975.00
20,000 20,000.00 15,000.00 500.00 15,500.00
21,000 21,000.00 15,750.00 500.00 16,250.00
a.1) 24,000 24,000.00 18,000.00 500.00 18,500.00
27,000 27,000.00 20,250.00 500.00 20,750.00
30,000 30,000.00 22,500.00 500.00 23,000.00
33,000 33,000.00 24,750.00 500.00 25,250.00
36,000 36,000.00 27,000.00 500.00 27,500.00
39,000 39,000.00 29,250.00 500.00 29,750.00
42,000 42,000.00 31,500.00 500.00 32,000.00
45,000 45,000.00 33,750.00 500.00 34,250.00
48,000 48,000.00 36,000.00 500.00 36,500.00
500 2000
0.25
750 3000
0.25
�= )/ )(��+�� (�−���
��� / )=�� (�−���
6.00
8.00
10.00

4. 0 10000 20000 30000 40000 50000 60000
(2.00)
-
2.00
4.00
6.00
8.00
10.00

5. ESTRUCTURA 1
250
250
1000
0.40%
a.1)
UTI.OP. /EBIT GF UTII IMPS UN
(500.00) 250.00 (750.00) (300.00) (450.00)
- 250.00 (250.00) (100.00) (150.00)
250.00 250.00 - - -
1,750.00 250.00 1,500.00 600.00 900.00
2,000.00 250.00 1,750.00 700.00 1,050.00
3,000.00 250.00 2,750.00 1,100.00 1,650.00
3,300.00 250.00 3,050.00 1,220.00 1,830.00
3,325.00 250.00 3,075.00 1,230.00 1,845.00
4,500.00 250.00 4,250.00 1,700.00 2,550.00
4,750.00 250.00 4,500.00 1,800.00 2,700.00
5,500.00 250.00 5,250.00 2,100.00 3,150.00
6,250.00 250.00 6,000.00 2,400.00 3,600.00
7,000.00 250.00 6,750.00 2,700.00 4,050.00
7,750.00 250.00 7,500.00 3,000.00 4,500.00
8,500.00 250.00 8,250.00 3,300.00 4,950.00
9,250.00 250.00 9,000.00 3,600.00 5,400.00
10,000.00 250.00 9,750.00 3,900.00 5,850.00
10,750.00 250.00 10,500.00 4,200.00 6,300.00
11,500.00 250.00 11,250.00 4,500.00 6,750.00
b)
��� � ��� /( )=�� #��������
2.00
3.00
4.00
5.00
6.00
7.00
GAO 1 y 2

6. ESTRUCTURA MAS RIESGOSA GAO 2
60000
0 10000 20000 30000 40000
(2.00)
(1.00)
-
1.00
2.00
3.00
4.00
5.00
6.00
Estrcutura 1 Estructura 2

7. P=
CVu=
CF=
EPS GAO GAF GAT CANTIDADES
(0.45) - 0.67 - 0
(0.15) #DIV/0! - 2,000
- 3.00 #DIV/0! #DIV/0! 4,000
0.90 1.29 1.17 1.50 4,833
1.05 1.25 1.14 1.43 9000
1.65 1.17 1.09 1.27 a.1) 10,000
1.83 1.15 1.08 1.25 14000
1.85 1.15 1.08 1.24 15200
2.55 1.11 1.06 1.18 a.1) 2) 20,000
2.70 1.11 1.06 1.17 21,000
3.15 1.09 1.05 1.14 24,000
3.60 1.08 1.04 1.13 27,000
4.05 1.07 1.04 1.11 a.1) 30,000
4.50 1.06 1.03 1.10 33,000
4.95 1.06 1.03 1.09 36,000
5.40 1.05 1.03 1.08 39,000
5.85 1.05 1.03 1.08 42,000
6.30 1.05 1.02 1.07 45,000
6.75 1.04 1.02 1.07 48,000
UPAS
�= )/ )(��+�� (�−���
��� / )=�� (�−���1 y 2
0 7000
(2.00)
-
2.00
4.00
6.00
8.00
10.00

8. 000 40000 50000 60000
Estructura 2

9. ESTRUCTURA 2
1
0.7
1200
a.1)
INGRESOS CV CF CT UTI.OP./EBIT
- - 1,200.00 1,200.00 (1,200.00)
2,000.00 1,400.00 1,200.00 2,600.00 (600.00)
4,000.00 2,800.00 1,200.00 4,000.00 -
4,833.33 3,383.33 1,200.00 4,583.33 250.00
9,000.00 6,300.00 1,200.00 7,500.00 1,500.00
10,000.00 7,000.00 1,200.00 8,200.00 1,800.00
14,000.00 9,800.00 1,200.00 11,000.00 3,000.00
15,200.00 10,640.00 1,200.00 11,840.00 3,360.00
20,000.00 14,000.00 1,200.00 15,200.00 4,800.00
21,000.00 14,700.00 1,200.00 15,900.00 5,100.00
24,000.00 16,800.00 1,200.00 18,000.00 6,000.00
27,000.00 18,900.00 1,200.00 20,100.00 6,900.00
30,000.00 21,000.00 1,200.00 22,200.00 7,800.00
33,000.00 23,100.00 1,200.00 24,300.00 8,700.00
36,000.00 25,200.00 1,200.00 26,400.00 9,600.00
39,000.00 27,300.00 1,200.00 28,500.00 10,500.00
42,000.00 29,400.00 1,200.00 30,600.00 11,400.00
45,000.00 31,500.00 1,200.00 32,700.00 12,300.00
48,000.00 33,600.00 1,200.00 34,800.00 13,200.00
0.15
c)
Se recomienda la estructura dos pue
1200 4000
0.3 QUE ESTRUCTURA ME DA IGUAL
1450 4,833.33
0.3
UPA 1 = UPA 2
UN
# ACCIONES
0 7000 14000 21000 28000 35000 42000 4
.00)
-
.00
.00
.00
.00
.00

10. Q (P-CVu) - (CF - GF) = Tc (Q (P - CVu

11. ESTRUCTURA 2
GF UTII IMPS UN EPS GAO
250.00 (1,450.00) (580.00) (870.00) -0.87 -
250.00 (850.00) (340.00) (510.00) -0.51 (1.00)
250.00 (250.00) (100.00) (150.00) -0.15 #DIV/0!
250.00 (0.00) (0.00) (0.00) (0.00) 5.80
250.00 1,250.00 500.00 750.00 0.75 1.80
250.00 1,550.00 620.00 930.00 0.93 1.67
250.00 2,750.00 1,100.00 1,650.00 1.65 1.40
250.00 3,110.00 1,244.00 1,866.00 1.87 1.36
250.00 4,550.00 1,820.00 2,730.00 2.73 1.25
250.00 4,850.00 1,940.00 2,910.00 2.91 1.24
250.00 5,750.00 2,300.00 3,450.00 3.45 1.20
250.00 6,650.00 2,660.00 3,990.00 3.99 1.17
250.00 7,550.00 3,020.00 4,530.00 4.53 1.15
250.00 8,450.00 3,380.00 5,070.00 5.07 1.14
250.00 9,350.00 3,740.00 5,610.00 5.61 1.13
250.00 10,250.00 4,100.00 6,150.00 6.15 1.11
250.00 11,150.00 4,460.00 6,690.00 6.69 1.11
250.00 12,050.00 4,820.00 7,230.00 7.23 1.10
250.00 12,950.00 5,180.00 7,770.00 7.77 1.09
nda la estructura dos puesto se tiene mas utilidad
CTURA ME DA IGUAL
UN
#ACCIONES
42000 49000 56000

12. (CF - GF) = Tc (Q (P - CVu) - CF - GF)

13. GAF GAT
0.83 -
0.71 (0.71)
- #DIV/0!
### ###
1.20 2.16
1.16 1.94
1.09 1.53
1.08 1.47
1.05 1.32
1.05 1.30
1.04 1.25
1.04 1.22
1.03 1.19
1.03 1.17
1.03 1.16
1.02 1.14
1.02 1.13
1.02 1.12
1.02 1.11