Apunte_Icofi_2014

7/23/2019 Apunte_Icofi_2014

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1

Contabilidad Básica _____________________________________________ 6

1.1 Marco Conceptual Colegio de Contadores ___________________________________________ 6

1.2

Ecuación Contable _____________________________________________________________ 22

1.3

Proceso Contable _______________________________________________________________ 22

1.4

Registro Contable ______________________________________________________________ 23

1.5

Proceso Contable _______________________________________________________________ 24

1.6

Asientos Contables _____________________________________________________________ 24

1.7 Cuentas del Mayor _____________________________________________________________ 26

1.8 Balance de Comprobación y Saldos ________________________________________________ 27

1.9 Principales ajustes que deben efectuarse al final de un periodo contable _________________ 27

1.10 Estados Financieros ____________________________________________________________ 28

1.11 Estado de Resultados o Estado de Pérdidas y Ganancias ______________________________ 29

2

Impuesto al Valor Agregado (I.V.A) _______________________________ 30

2.1

Principales Hechos Gravados _____________________________________________________ 30

2.2

Sujetos que Cobran el Impuesto a nombre del Fisco __________________________________ 30

2.3

Base Imponible: ________________________________________________________________ 30

2.4

Principales Exenciones __________________________________________________________ 30

2.5

Tasa del Impuesto ______________________________________________________________ 30

2.6

Mecanismo del Impuesto ________________________________________________________ 31

2.7

Registro de la información referente al IVA ________________________________________ 32

2.8

Liquidación del IVA ____________________________________________________________ 33

3

Intereses y Descuentos __________________________________________ 34

3.1 Interés ________________________________________________________________________ 34

3.2 Descuentos ____________________________________________________________________ 39

4

Tratamiento de las Existencias ____________________________________ 42

4.1 Tipos de Existencias ____________________________________________________________ 42

4.2

Ciclo de Ventas en una Empresa __________________________________________________ 42

4.3 Costo de Ventas ________________________________________________________________ 44

4.4 IFRS y su Tratamiento de Existencias (NIC 2) ______________________________________ 47

5

Tratamiento del Activo Fijo ______________________________________ 50

5.1 Características del Activo Fijo ____________________________________________________ 50

5.2 Componentes del Activo Fijo _____________________________________________________ 51



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5.3

¿Qué es la Depreciación? ________________________________________________________ 51

5.4

Métodos de Depreciación ________________________________________________________ 54

5.5

IFRS y su Tratamiento del Activo Fijo (NIC 16, NIC 36) ______________________________ 63

6

Corrección Monetaria Básica ___________________________________ 65

6.1

Efectos de la Inflación desde punto de vista económico. _______________________________ 65

6.2 Efectos de la Inflación desde un punto de vista contable ______________________________ 65

6.3 Definición: ____________________________________________________________________ 66

6.4 Características _________________________________________________________________ 66

6.5 Clasificación de partidas ________________________________________________________ 66

6.6

Ajustes _______________________________________________________________________ 67

6.7

Mecanismos de Corrección Monetaria aplicados ___________________________________ 68

7

Estados Financieros Básicos ______________________________________ 75

7.1

Balance _______________________________________________________________________ 75

7.2 Estado de Resultados ___________________________________________________________ 78

7.3 Fuentes de fondos ______________________________________________________________ 81

7.4 Usos de fondos _________________________________________________________________ 81

8

Análisis de Razones o Ratios Financieros ___________________________ 84

8.1 Razones de Liquidez General _____________________________________________________ 84

8.2 Razones de Actividad ___________________________________________________________ 85

8.3 Razones de Endeudamiento ______________________________________________________ 86

8.4

Razones de Rentabilidad ________________________________________________________ 87

9

Presupuestos___________________________________________________ 88

9.1

Definición _____________________________________________________________________ 88

9.2

Ventajas de los Presupuestos _____________________________________________________ 88

9.3

Tipos de Presupuestos ___________________________________________________________ 89

9.4 Fases del Proceso Presupuestario _________________________________________________ 91

9.5

Formas de Presupuestación ______________________________________________________ 92

10

Costos ________________________________________________________ 95

10.1

Clasificación de los Costos _______________________________________________________ 95

Reparación y Mantención _____________________________________________________________ 105

10.2

Variabilidad del Costo y Costos marginales ________________________________________ 105

11

Costeo por Órdenes de Trabajo __________________________________ 110

11.1 Contabilización del costeo por órdenes de trabajo __________________________________ 110

11.2 ¿Por qué se utiliza la cuenta “costos indirectos de fabricación aplicados”? ______________ 111



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12

Costos por Procesos____________________________________________ 113

12.1 ¿Qué se entiende por Producción Equivalente? _____________________________________ 113

12.2 Etapas del proceso de registro de los datos _________________________________________ 114

12.3 Pérdidas de producción ________________________________________________________ 117

13 Costos Estimados ______________________________________________ 118

13.1 Determinación de los costos estimados ____________________________________________ 118

14

Costos Estándar _______________________________________________ 119

14.1

Características de un Plan Básico de Costos Estándar _______________________________ 120

15

Relación Costo-Volumen-Utilidad ________________________________ 121

15.1

Limitaciones __________________________________________________________________ 122

15.2

Determinación de la variabilidad de los Costos _____________________________________ 122

15.3

Usos del Margen de Contribución ________________________________________________ 128

15.4

Variaciones de las Utilidades _____________________________________________________ 128

15.5

Aplicaciones del Análisis Costo-Volumen-Utilidad ___________________________________ 129

16

Anexos. ______________________________________________________ 137

16.1 Anexo 1: Marco Conceptual para la Preparación y Presentación de Estados Financieros __ 137

16.2 Anexo 2: NIC 1 _______________________________________________________________ 169

16.3 Anexo 3: Factura ______________________________________________________________ 205

16.4 Anexo 4: Factura exenta ________________________________________________________ 206

16.5 Anexo 5: Guía de Despacho _____________________________________________________ 207

16.6

Anexo 6: Nota de debito. ________________________________________________________ 208

16.7 Anexo 7: Nota de crédito _______________________________________________________ 209

16.8 Anexo 8: NIC 2 _______________________________________________________________ 210

16.9 Anexo 9: Boletín Técnico Nº 33 del colegio de contadores ______________________________ 220

16.10 Anexo 10: NIC 16 _____________________________________________________________ 227

16.11

Anexo 11: NIC 36 _____________________________________________________________ 249

16.12

Anexo 12: Boletín Técnico Nº 55 del colegio de contadores _____________________________ 286

16.13

Anexo 13: Glosario Conceptos IFRS ______________________________________________ 289

16.14

Anexo 14: Boletín Técnico Nº 1 del colegio de contadores. ____________________________ 299



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70 d\( ./0 A:/ *>285- ; ./0 A:/ B/+./F

70 B-0>5 +/4> ./ 0- 45-+3-**,6+F

70 2>+4> ./0 Zf1F

70 B-0>5 C5:4> g B-0>5 +/4> 2?3 Zf1F

R- .,5/**,6+ ./0 A:/ *>285- ; ./0 A:/ B/+./F

70 =,5> ./ -2C>3F

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M = C (1 + in)

I = C x i x n



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7D/280>a

M = C (1 + i)n

ta = i

1 + i



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―QUIEN OTORGA DESCUENTO, DEBERA EXTENDER NOTA DE CREDITO‖.



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Artículo ............................... Máximo ..................

Ubicación ............................. Mínimo ..................

FECHA

TOTAL

q q q$ $ $Total Total

Compras Ventas Saldos



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

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Costo Promedio

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UNIDADES

INICIALES

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UNIDADES

EMPEZADAS

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UNIDADE

S

TRANSFE

-

UNIDADES

TERMINAD.

Y AUNDISPONIB.

UNIDADES

FINALES

ENPROCESO

+ =+

+



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#[ 7+ <:+*,6+ ./ 0- *-+4,.-. ./ 2-4/5,- 85,2- :4,0,O-.- /+ *-.- 85>*/3>F

$[ 7+ <:+*,6+ ./ 0>3 85>.:*4>3 4/52,+-.>3 /+ *-.- 85>*/3>F

%[ 7+ <:+*,6+ ./ 0>3 85>.:*4>3 85>*/3-.>3 /+ *-.- ./8-54-2/+4>F&[ e45>3F

M5>*/.,2,/+4>

GT[ W/0/**,>+-5 :+ *5,4/5,> ./ 85>55-4/> 8-5- *-.- 4,8> ./ *>34>3 ,+.,5/*4> ./ <-C5,*-*,6+9 3, /3 +/*/3-5,>F

!T[ W:2-5 0-3 @>5-3 E 2?A:,+-9 : @>5-3 E @>2C5/9 > 85>.:*4>3 4/52,+-.>39 >FFF 74*F9 `/ *-.- 85>*/3> >

./8-54-2/+4>F

3º) Calcular una ―tarifa unitaria‖ de *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+9 .,B,.,/+.> /0 4>4-0 ./ *-.- *>34>3 -85>55-4/-5 8>5 0- 3:2- ./0 8:+4> ]#T[F

$T[ _:04,8licar la ―tarifa unitaria‖ por la cantidad de unidades determinadas en cada proceso o

./8-54-2/+4> /+ /0 8:+4> ]!T[F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

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3A;A;A 6 B>:5&: 6 84: %4:54: 6.8"%6$4:

GT[ W:C E -80,*-*,6+ ./ *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+

73 /0 *-3> *:-+.> /0 *>34> ,+.,5/*4> ./ <-C5,*-*,6+ /</*4,B-2/+4/ ,+*:55,.> /3 2-;>5 A:/ /0 *>34>

-80,*-.>9 -3,=+-.> > 85>55-4/-.>F

!T[ W>C5/ E -80,*-*,6+ ./ *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+

W:*/./ *:-+.> 0>3 *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+ /</*4,B-2/+4/ ,+*:55,.>3 3/-+ 2/+>5/3 A:/ 0>3

*>34>3 -80,*-.>39 -3,=+-.>3 > 85>55-4/-.>3F

Cuando la diferencia entre lo efectivo y lo aplicado es pequeña, se salda con la cuenta ―Costo de Ventas‖,

*-5=?+.>0- /+ *-3> ./ 3:C -80,*-*,6+9 ; -C>+?+.>0- *:-+.> @-; 3>C5/ -80,*-*,6+ ./ *>34>3F

7D/280>a

W:C E -80,*-*,6+ ./ *>34>3a

`7S7 J1S7d KeW(e 7 f7N(1 _222

KeW(eW ZN`Zd7K(eW `7^1SdZK1KZeN _222

`7(1RR7

W>C5/ E -80,*-*,6+ ./ *>34>3a

`7S7 J1S7d KeW(eW ZN`Zd7K(eW 7 N+++^1SdZK1KZeN

KeW(e `7 f7N(1 N+++

`7(1RR7

Si la diferencia es más significativa, entonces se utiliza, en reemplazo de la cuenta ―Costo de Venta‖, la

cuenta ―Productos Terminados‖.

7+ 4>.> *-3>9 360> 3/ 45-4- ./ -D:34/3 *>+4-C0/3 A:/ +> -</*4-+ 0>3 *>34>3 /38/*Q<,*>3F



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*>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+ - -3,=+-5FW, /3 -+>52-09 /0 *>34> ./ 5/85>*/3-5 3/ 45-4- *>2> :+ =-34> -.,*,>+-09 +> ./+45> ./0 *>34> ./0

85>.:*4>F

3A;D;A .=4$>%54: $&L&%5>4:4:

W/ B/+./+ *>2> 85>.:*4>3 ./ 3/=:+.- 3/0/**,6+9 3, /3 ./</*4:>3> +>52-09 0- .,</5/+*,- /+45/ /0

85/*,> ./ B/+4- ; /0 *>34> ;- -3,=+-.> 3/ 85>55-4/- /+45/ 0>3 85>.:*4>3 C:/+>3F

W, /3 ./</*4:>3> -+>52-09 ./C/ 45-4-53/ *>2> :+ =-34> 2?3 ; +> *>2> :+ *>34>F

3A;D;D .=4$>%54: $& $&:&%c4

M>5 /D/280> 0>3 5/*>54/39 3/ B/+./+ /+ :+ B-0>5 2-;>5 A:/ 3: *>34>9 /+ /34/ *-3>9 3/ =-+-9 0> A:/

/+ ./<,+,4,B- 5/.:*/ 0>3 =-34>3 ./ <-C5,*-*,6+F

3A;D;K .=4$>%54: .6=6 $&:.&=$"%"4:

W/ ./C/ 8-=-5 8-5- A:/ 3/ 0>3 00/B/+9 8>5 0> 4-+4> ./C/+ *>+3,./5-53/ /+ 0- 4-3- ./ -3,=+-*,6+ ./

0>3 =-34>3 ./ <-C5,*-*,6+F



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3D %4:54: &:5"<6$4:

W>+ 0>3 *>34>3 A:/ 8:/./ 4/+/5 :+ 85>.:*4> > :+ 85>*/3> .:5-+4/ :+ 8/5Q>.> ./ 4,/28>F

^5/*:/+4/2/+4/9 /34/ *>34>9 3/ C-3- /+ -0=b+ 85>2/.,> ./ *>34>3 ./ 85>.:**,6+ 5/-0/39 ./ 8/5,>.>3

-+4/5,>5/3 -D:34-.>39 8-5- 5/<0/D-5 0>3 *-2C,>3 /+ *>+.,*,>+/3 /*>+62,*-39 ./ /<,*,/+*,-9 /4*F

3D;3 $&5&=<"#6%"@# $& 84: %4:54: &:5"<6$4:

73 +/*/3-5,> /34,2-5 *-.- :+> ./ 0>3 /0/2/+4>3 ./0 *>34> ./ 85>.:**,6+a

1[ _-4/5,- M5,2-a 0- /34,2-*,6+ ./0 B-0>5 4>4-0 ./ 2-4/5,- 85,2- A:/ B- - ,+4/5B/+,5 /+ /0 85>*/3> ./

85>.:**,6+9 3/ C-3- /+ .>3 B-5,-C0/3a 85/*,> ; *-+4,.-.;

S[ _-+> ./ >C5-a 4-2C,)+ 3/ C-3- /+ 0- /34,2-*,6+ ./ .>3 B-5,-C0/3a 85/*,> ; *-+4,.-.F

K[ K>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+a 8-5- /34,2-5 0>3 *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+ /3 +/*/3-5,>a

u `/4/52,+-5 :+ 8/5,>.> ./ 4,/28>F

u 7U85/3-5 0- 85>.:**,6+ /+ 4)52,+>3 ./ :+- C-3/F

u 734,2-5 0>3 *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+ /+ C-3/ - .-4>3 @,3465,*>3F

u K-0*:0-5 :+- *:>4- :+,4-5,- ./ *>34>3 ,+.,5/*4>3 ./ <-C5,*-*,6+F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) GGH

3K %4:54: &:59#$6=

R>3 ,+<>52/3 ./ *>+45>0 /34?+ 0,=-.>3 -0 *>+*/84> ./ d/38>+3-C,0,.-.F9 /34> ,280,*- ./<,+,5a

R- /345:*4:5- ./ 5/38>+3-C,0,.-.F

R>3 /34?+.-5/3 ./ 5/3:04-.>3 - :4,0,O-5F

R- :4,0,O-*,6+ ./ 0-3 ./3B,-*,>+/3 ./0 /34?+.-5F

K>34>3 /34?+.-5/3F W>+ *>34>3 85/./4/52,+-.>3 *,/+4Q<,*-2/+4/9 /U85/3-.>3 8>5 :+,.-.9 ; A:/

./C/5Q-+ 3/5 +/*/3-5,>3 8-5- >C4/+/5 :+ 2-4/5,-0 /38/*Q<,*>9 85>.:*4> > 3/5B,*,>F

>- 6/GU+0E H( GE)*E) &)*h-H1/ TE)(( */() )(GG+E-()2GFE M5/*,>3 ; 4-3-3 /34?+.-5/3a 3>+ 0>3 85/*,>3 /34,2-.>3 8-5- >C4/+/5 :+- :+,.-. ./ 2-4/5,-0 *>285-.>9

; /0 *>34> ./ 0-3 .,</5/+4/3 @>5-3 @>2C5/ - :3-5 /+ 0- 85>.:**,6+F

!FE K>34>3 ./ >8/5-*,>+/3 /34?+.-5/3a 3>+ 0-3 *-+4,.-./3 ./ 0>3 .,</5/+4/3 ,+8:43 8-5- 5/-0,O-5 *-.-

>8/5-*,6+ ./ 85>.:**,6+9 ./+45> ./ 0- *-8-*,.-. ./ 85>.:**,6+9 2:04,80,*-.> 8>5 3:3 85/*,>3 /34?+.-5/3F

#FE K>34>3 8>5 85>.:*4>3 /34?+.-5/3a 3>+ 0-3 *-+4,.-./3 ./ 0>3 .,</5/+4/3 ,+8:43 /34,2-.>3 8-5- 85>.:*,5

:+,.-./3 ./ 85>.:*4>3 /+ 0>4/3 ./ 85>.:**,6+ /38/*Q<,*>39 2:04,80,*-.>3 8>5 0>3 85/*,>3 /34?+.-5/3 ./ 0>3

,+8:43F

f-5,-*,>+/3

GFE K>34>3 ]d/-0 Bo3 734?+.-5[

!FE \3> ]/<,*,/+*,-[ M5/*,> 734?+.-5 ]K-+4,.-. d/-0 E K-+4,.-. 734?+.-5[

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7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

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3K;3 % 6=6%5&=W:5"%6: $& ># .86# 7 9:"%4 $& %4:54: &:59#$6=

GFE R- B-5,-*,6+ ./ 85/*,>3 ./ 0>3 2-4/5,-0/3 3/ ,./+4,<,*-+ ; 3/=5/=-+ *:-+.> 3/ *>285-+ 0>3 2-4/5,-0/3F

R>3 85/*,>3 5/-0/3 +> 3/ *>+3,./5-+ /+ 0-3 *:/+4-3 ./ ,+B/+4-5,>3F

f-5,-*,6+ M5/*,> ./ 2-4/5,-0/3 g K-+4,.-. d/-0 *>285-.- ]M5/*,> d/-0 E M5/*,> 734?+.-5[

!FE K-.- ./8-54-2/+4> 3/ *-5=- *>+ 0-3 *-+4,.-./3 ./ 45-C-D> .,5/*4> ; 2-4/5,-0 .,5/*4> A:/ :4,0,O-9

2:04,80,*-.> 5/38/*4,B-2/+4/9 8>5 0- 4-3- ./ 5/2:+/5-*,6+ /34?+.-5 ; /0 85/*,> /34?+.-5 ./ 0>3 2-4/5,-0/3F

f-5,-*,6+ (-3- _-+> ./ eC5- g K-+4,.-. d/-0 ](-3- d/-0 E (-3- 734?+.-5[

#FE K-.- ./8-54-2/+4> 3/ -*5/.,4- *>+ /0 *>34> /34?+.-5 ./0 85>.:*4> A:/ *>280/4- .:5-+4/ *-.- 2/3F

$FE R-3 B-5,-*,>+/3 ./ *-+4,.-. /+ /0 45-C-D> .,5/*4> ; /+ 0>3 2-4/5,-0/3 3/ ,./+4,<,*-+ ; 2,./+ -0 <,+-0 ./0

8/5Q>.>F 1 0- </*@- /+ A:/ /0 45-C-D> /34) /+ 85>*/3> /+ *-.- ./8-54-2/+4>9 )34/ 3/ 2,./ - 0>3 *>34>3

/34?+.-5 ; 3/ *>28-5- *>+ 0>3 3-0.>3 ./ 0-3 *:/+4-3 ./ 85>.:*4>3 /+ 85>*/3>39 8-5- ./4/52,+-5 0-3

B-5,-*,>+/3 ./ *-+4,.-.F

f-5,-*,6+ K-+4,.-. ./ _-4/5,-0/3 g M5/*,> 734?+.-5 ]K-+4,.-. d/-0 E K-+4,.-. ]>:48:4[ 734?+.-5[

7<,*,/+*,- _-+> ./ eC5- g (-3- 734?+.-5 ]K-+4,.-. d/-0 E K-+4,.-. ]e:48:4[ 734?+.-5[

%FE R-3 B-5,-*,>+/3 /+ *-+4,.-. 3/ *-0*:0-+ 8>5 /0 4>4-0 ./0 ./8-54-2/+4> -0 2/39 +> 8>5 65./+/3

,+.,B,.:-0/39 > 45-C-D>3 ,+.,B,.:-0/3F

&FE (>.> /0 45-C-D> ./ 0- *:/+4- ./ Z+B/+4-5,> /+ M5>*/3> 3/ <>52:0- -0 *>34> /34?+.-59 -0 <,+-0 ./ *-.-2/3F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!G

3Q = &86%"@# %4:54MC 48><&#M>5"8"$6$

R- d/0-*,6+ K>34>Ef>0:2/+E\4,0,.-.9 /3 :+> ./ 0>3 ,+345:2/+4>3 1+-0Q4,*>3 ./ 0- 80-+/-*,6+9 A:/

-;:.- - 0>3 -.2,+,345-.>5/3 - '7B-0:-5 /0 /</*4> 85>.:*,.> /+ 0-3 :4,0,.-./3 8>5 0-3 .,</5/+4/3 *>2C,+-*,>+/3

./ *>34> ; 85/*,>'F

R>3 D/</3 ./ 85>.:**,6+9 D/</3 4/55,4>5,-0/3 ./ B/+4-3 ; B/+./.>5/3 ,+.,B,.:-0/39 8:/./+ @-*/5 :3>

4-2C,)+ ./0 -+?0,3,3 ./ K>34>Ef>0:2/+E\4,0,.-.F 734/ -+?0,3,3 8:/./ *>+4/34-5 85/=:+4-3 *>2> /34-3a

GFE •K:?+4-3 :+,.-./3 @-C5? A:/ B/+./5 8-5- >C4/+/5 ./4/52,+-.-3 :4,0,.-./3€ •K:?+4> @-; A:/ B/+./5

8-5- +> ,+*:55,5 /+ 8)5.,.-3€

!FE •7+ *:?+4> *>+45,C:,5? :+ 3/=2/+4> =/+/5-.>5 ./ ,+=5/3>3 - 0-3 :4,0,.-./3 =/+/5-0/3€

#FE •w:) >*:55,5? - 0-3 :4,0,.-./3 3, 3/ -:2/+4-+ 0>3 85/*,>3€ •k 3, 3/ .,32,+:;/+€$FE •w:) ,28-*4> 4/+.5?+ /+ 0-3 :4,0,.-./3 0>3 *-2C,>3 >*:55,.>3 /+ 0- /345:*4:5- ./ 0>3 *>34>3 ./ 0-

7285/3-€

7+ =/+/5-09 /0 -+?0,3,3 K>34>Ef>0:2/+E\4,0,.-. 4,/+/ 2:*@-3 B/+4-D-3F M:/./ 3/5 :4,0,O-.> 4-+4> /+ /0

?5/- ./ ^,+-+O-39 K>+45>09 M5/3:8:/34>9 M5>.:**,6+9 *>2> /38/*,-02/+4/ /+ K>2/5*,-0,O-*,6+ ; f/+4-3 8-5-

4>.> 4,8> ./ 7285/3-F

&- (O h/(1 %E-*1XO( M L+-1-G+(/E2

M/52,4/ ,+4/55/0-*,>+-5 0>3 K>34>39 /0 M5/*,> ; /0 f>0:2/+F

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./ 0>3 2-;>5,34-3 ; ./4-00,34-39 /4*F

&- (O G1JTE H( O1 ./EH'GG+,- "-H')*/+1O2

M/52,4/ /B-0:-5 0-3 ./*,3,>+/3 A:/ ./C-+ 5/-0,O-5 0>3 /D/*:4,B>3 /+ 5/0-*,6+ *>+ 0- 7U8-+3,6+ ./ 0- 80-+4- :

>45> 4,8> ./ Z+B/53,>+/3F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

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3Q;3 8"<"56%"4#&:

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*>28/4,4,B-F

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70 -+?0,3,3 ./ 0- d/0-*,6+ K>34>Ef>0:2/+E\4,0,.-. ./8/+./ ./ :+- *:,.-.>3- *0-3,<,*-*,6+ ./ 0>3 K>34>3 ./

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3Q;A;3 %4:54: L"B4:

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E 70 @/*@> ./ 8>3//5 80-+4- ; /A:,8>3F

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8/5Q>.>3 ./ 4,/28> ; *-2C,-+ *:-+.> 3/ 4>2- ./*,3,6+ ./ 2>.,<,*-5 /+ 0- *-8-*,.-.F

3Q;A;3;A %4:54: L"B4: .=4?=6<6$4:

d/3:04- ./ ./*,3,>+/3 /+ 0>3 +,B/0/3 W4-<<9 +,B/0/3 ./ =-34>3 ./ 8:C0,*,.-.9 +,B/0/3 ./ =-34>3 ./

,+B/34,=-*,6+9 /4*F R-3 ./*,3,>+/3 A:/ -</*4-+ /34>3 *>34>3 3/ 4>2-+ =/+/5-02/+4/ *-.- -V>F

W/ ./385/+./ A:/ /34>3 *>34>3 3>+ *>+45>0-C0/39 /+ /0 3/+4,.> ./ A:/ 8:/./+ ./3*>+4,+:-53/<?*,02/+4/9 3,+ A:/ :+ 80-O> ,+2/.,-4> 4/+=- :+ /</*4> =5-B/ 3>C5/ 0- 2-5*@- ./ 0- 7285/3-F

3Q;A;A %4:54: L"B4: $& 4.&=6%"@#

W>+ *>34>3 A:/ 3,5B/+ 8-5- >8/5-5 0- *-8-*,.-. 85>.:*4,B-F 7D/280>a W:8/5B,3,6+9 3/=:5>39

2-+4/+*,6+9 /4*F

R>3 K>34>3 ^,D>3 K>285>2/4,.>3 3/ >5,=,+-+ ./ ./*,3,>+/3 ./ K-8-*,.-. ./ 0- M0-+4-9 2,/+45-3 A:/

0>3 K>34>3 ^,D>3 ./ e8/5-*,6+ 3/ >5,=,+-+ ./ ./*,3,>+/3 3>C5/ /0 :3> ./ .,*@- *-8-*,.-.F

70 85,+*,8-0 2>4,B> A:/ D:34,<,*- 0- /U,34/+*,- ./ 0>3 K>34> ^,D>39 /3 0- -*/+4:-.- 5,=,./O /*>+62,*- /+

0>3 C,/+/3 ./ M5>.:**,6+9 /3 ,28>3,C0/ *-2C,-5 /0 4-2-V> ./ 0- 7285/3- ./ -*:/5.> - 3:3 +,B/0/3 ./

1K(ZfZ 1`F

3Q;A;D %4:54: C 6="678&:

W>+ 0>3 A:/ <0:*4b-+ > B-5Q-+ /+ 85>8>5*,6+ *>+ 0>3 *-2C,>3 /+ /0 +,B/0 ./ 1*4,B,.-. ./ :+-

7285/3-F

R>3 *>34>3 B-5,-C0/3 ,+*0:;/+a _-4/5,-3 M5,2-3 `,5/*4-39 _-+> ./ eC5- `,5/*4-9 3,/285/ ; *:-+.> 3/

5/2:+/5/ 0- _-+> ./ eC5-9 C-D> /0 3,34/2- 8>5 8,/O-3 > 45-4>39 =-34>3 ./ M5>.:**,6+ B-5,-C0/3 ; *>2,3,>+/3

./ B/+4-9 /4*F

M/5> +> @-; A:/ >0B,.-5 A:/ +,+=b+ *>34> /3 ,+@/5/+4/ <,D> > B-5,-C0/F 70 C5/B/ 4,/28> -</*4-.> 8>5

:+- ./*,3,6+ ,+<0:;/ 4-2C,)+ 3>C5/ 0- B-5,-C,0,.-. ./ :+ *>34>F 'R>3 *>34>3 A:/ 3>+ <,D>3 8-5- 0-3 ./*,3,>+/3

2/+3:-0/3 ./ 80-+/-*,6+9 8:/./+ 3/5 *>34>3 B-5,-C0/3 8-5- ./*,3,>+/3 ./ :+ 8/5Q>.> ./ 80-+/-*,6+ ./ .>3



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!$

-V>3'F

7+ =/+/5-0 0-3 ./*,3,>+/3 ./ 80-+/-*,6+ /345-4)=,*- 8:/./+ /34-C0/*/5 /0 +,B/0 =/+/5-0 ./ 0>3 *>34>3

B-5,-C0/39 8>5 /D/280>a R- /38/*,<,*-*,6+ ./ :+- 80-+4-F

7+ *-2C,> 0-3 ./*,3,>+/3 ./ 80-+/-*,6+ ; *>+45>0 - K>54> M0-O>F ]`/*,3,>+/3 ./ *>+45>0-.2,+,345-4,B>[ -</*4-+ .,5/*4-2/+4/ /0 +,B/0 -*4:-0 ./ 0>3 K>34>3 f-5,-C0/3F

3Q;A;K %4:54: :&<"MC 6="678&:

1 .,</5/+*,- ./ 0>3 K>34>3 f-5,-C0/39 0>3 *>34>3 W/2, E f-5,-C0/3 ]00-2-.>3 - B/*/3 *>34>3 3/2, E

<,D>3[9 +> <0:*4b-+ /+ 85>8>5*,6+ - 0>3 *-2C,>3 ./ 1K(ZfZ`1`F

734>3 *>34>3 *>+3,34/+ /+ :+- 2/O*0-a :+- *-+4,.-. C-3/ A:/ 8/52-+/*/ *>+34-+4/9 /+ 5/0-*,6+ - 0>3 *-2C,>3

/+ 0- -*4,B,.-. ; >45- 8-54/ A:/ B-5Q- .,5/*4-2/+4/ *>+ *-2C,>3 /+ 0>3 +,B/0/3 ./ -*4,B,.-.F

7D/280>a

1[ K>28/+3-*,6+ - :+ B/+./.>5 A:/ 5/*,C/ :+ 3:/0.> 2/+3:-0 2?3 :+- *>2,3,6+ 3>C5/ 3:3 B/+4-3F

S[ d/8-5-*,6+ ; 2-+4/+,2,/+4>9 /0 /0/2/+4> <,D> /34? 5/85/3/+4-.> 8>5 /0 *>34> 2Q+,2> ./ 2-+4/+/5 /0

3/5B,*,>9 /+ 4-+4> A:/ /0 /0/2/+4> B-5,-C0/ /34? 5/85/3/+4-.> 8>5 0- 5/8-5-*,6+ A:/ /3 ./4/52,+-.- 8>5

/0 +,B/0 ./ -*4,B,.-.F

$

I. Total

C. Total

CF

Pto. Eq.

Nivel de Actividad



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!%

`/+45> ./ /34- *0-3,<,*-*,6+ 3/ /+*:/+45-+ 0>3 K>34>3 73*-0>+-.>3F W>+ *>34>3 A:/ *-2C,-+ /+

*-+4,.-./3 -=5:8-.-3 - *,/54>3 +,B/0/3 ./ -*4,B,.-.F M>5 /D/280>a \+ 3:8/5B,3>5 8:/./ 3/5 *-8-O ./

3:8/5B,3-5 ./ :+> - .,/O @>2C5/39 8/5> 0- -.,*,6+ ./ >45> @>2C5/ 5/A:/5,5Q- 0- -3,=+-*,6+ ./ >45> 3:8/5B,3>5F

'7+ =/+/5-09 /34>3 *>34>3 <,D>3 8/52-+/*/+ <,D>3 /+ *,/54>3 +,B/0/3 ./ -*4,B,.-.9 8-3-.> .,*@> +,B/0 3/

,+*5/2/+4-+ C5:3*-2/+4/ 8-5- 8/52-+/*/5 <,D>3 - /3/ 2,32> +,B/0'F

10 *>2C,+-5 0>3 .,</5/+4/3 4,8>3 ./ *>34>3 /+ :+ 360> =5?<,*>9 / ,+*>58>5-+.> -./2?3 0- <:+*,6+

,+=5/3> 4>4-09 A:/ 3/ ./<,+/ *>2> /0 4>4-0 >C4/+,.> ./0 3:2,+,345> ./ 85>.:*4>3 > 3/5B,*,>3 ./B/+=-.>39 8>5

0- B/+4- ./ 85>.:*4> > 3/5B,*,>39 3/ >C4,/+/ '70 =5?<,*> ./0 8:+4> ./ 7A:,0,C5,>'a

70 +,B/0 ./ -*4,B,.-. 8:/./ 3/5 /U85/3-.> /+ ':+,.-./3' > /+ B-0>5/3 2>+/4-5,>39 0- <>52- 2?3 :3:-0

/3 0- 3/=:+.-F

R- 5-O6+ ./ /00> /3 A:/ 0- 2-;>5Q- ./ 0-3 /285/3-3 B/+./+ B-5,>3 85>.:*4>3 ; 0- b+,*- <>52- ./

3:2-50>3 /3 :3-+.> :+ ./+>2,+-.>5 *>2b+F

R- <:+*,6+ ./ B/+4-3 /+ :+- 0Q+/- 5/*4-9 A:/ 3/5? ,=:-0 -0 +b2/5> ./ :+,.-./3 B/+.,.- ; 8>5 /0 85/*,>

./ B/+4-39 > 3/-a

734- 0Q+/-9 8-54/ ./0 8:+4> ./ >5,=/+ *>+ :+- ,+*0,+-*,6+ ./ $% =5-.>3 ; /0 8:+4> /+ A:/ *5:O- 0- 0Q+/-

./ *>34> 4>4-0 5/85/3/+4- /0 8:+4> ./ /A:,0,C5,>F

E S-D> /0 8:+4> ./ /A:,0,C5,>9 0- /285/3- >8/5- *>+ 8)5.,.-3F

E W>C5/ /0 8:+4> ./ /A:,0,C5,>9 0- /285/3- >C4,/+/ :4,0,.-./3F

70 8:+4> ./ /A:,0,C5,> /3 -A:/0 +,B/0 ./ -*4,B,.-. /+ /0 *:-0 0>3 ,+=5/3>3 4>4-0/3 3>+ ,=:-0/3 - 0>3

K>34>3 (>4-0/3F 73 -A:/0 +,B/0 ./ -*4,B,.-. .>+./ +> @-; +, :4,0,.-. +, 8)5.,.- 8-5- 0- /285/3-F 73 /0

B>0:2/+ 2Q+,2> - 8-54,5 ./0 *:-0 3/ 0>=5-+ :4,0,.-./3F

Y = P X



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!&

&)*( T'-*E )( EX*+(-( H( O1 )+S'+(-*( IE/J12

M/5>9 *>2> /+ 0- p>+- ./ /A:,0,C5,>9 +> /U,34/+ :4,0,.-./39 0- /*:-*,6+ /3 0- 3,=:,/+4/a

M U A g K>34>3 ^,D>3 h K>34>3 f-5,-C0/3 \+,4-5,>3 U A

M U A E * B A g K>34>3 ^,D>3

w ]8 E *B[ g K>34>3 ^,D>3

"q‖ g +b2/5> ./ :+,.-./3 ./ :+ ./4/52,+-.> 85>.:*4> A:/ ./C/+ B/+./53/ 8-5- 0>=5-5 /0 8:+4>

./ /A:,0,C5,>'

`>+./a

%E)*E) L+PE)2 73 /0 4>4-0 ./ K>34>3 ^,D>3 8-5- :+ 8/5Q>.>F

M5/*,> \+,4-5,> ./ f/+4- 2/+>3 K>34> f-5,-C0/ \+,4-5,> g _-5=/+ ./ K>+45,C:*,6+ \+,4-5,>F

<1/S(- H( %E-*/+X'G+,- >-+*1/+E2 73 /0 -8>54/ ./ *-.- :+,.-. B/+.,.- - 0>3 K>34>3 ^,D>3 ; - 0-3

\4,0,.-./3X /3 ./*,59 /3 /0 /U*/3> ./0 85/*,> ./ B/+4- 3>C5/ /0 *>34> B-5,-C0/9 A:/ 3,5B/ 8-5- *:C5,5 0>3 K>34>3

^,D>3 ; 0-3 :4,0,.-./3 ./3/-.-3 ./ :+- /285/3-F

Ventas Totales = Costos Fijos + Costos Variables Totales + Utilidades

Ventas Totales = Costos Fijos + Costo Variable Unitario por Cantidad

q = Costo Fijo

p - c v



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!I

<1/S(- H( %E-*/+X'G+,- 5E*1O F ?OEX1O2 73 /0 /U*/3> ./ 0-3 B/+4-3 4>4-0/3 3>C5/ 0>3 K>34>3 f-5,-C0/3

4>4-0/39 A:/ A:/.-+ .,38>+,C0/3 8-5- *:C5,5 0>3 K>34>3 ^,D>3 ; 0-3 :4,0,.-./3 ./3/-.-3 ./ :+- 7285/3-F

e45- <>52- ./ *-0*:0-5 /0 M:+4> ./ 7A:,0,C5,> /3 /+ C-3/ -0 2-5=/+ ./ *>+45,C:*,6+ 8>5*/+4:-0F

W,280,<,*-+.> 3/ >C4,/+/a

734/ _-5=/+ ./ K>+45,C:*,6+ M>5*/+4:-0 > d/0-4,B>9 ,+.,*-a 0> A:/ ./D6 :+ 8/3> ./ B/+4-9 ./.:*,.>

0>3 K>34>3 f-5,-C0/ 8-5- *:C5,5 0>3 K>34>3 ^,D>3 ; 0-3 :4,0,.-./3 ./3/-.-3F

M>5 0> 4-+4>9 8-5- ./4/52,+-5 /0 M:+4> ./ 7A:,0,C5,> /+ :+,.-./3 2>+/4-5,-39 3/ .,B,./ /0 *>34> <,D>

8>5 /0 2-5=/+ ./ *>+45,C:*,6+ 8>5*/+4:-0F

70 M:+4> ./ 7A:,0,C5,> /+ :+,.-./3 2>+/4-5,-39 /3 /0 A:/ 3/ :4,0,O- *>+ 2-;>5 <5/*:/+*,-9 8:/3 0-3

/285/3-3 =/+/5-02/+4/ B/+./+ :+- =5-+ B-5,/.-. ./ -54Q*:0>39 A:/ 8-5- 3:2-50>3 ./C/+ /U85/3-53/ /+ :+

<-*4>5 *>2b+ A:/ /3 0- 2>+/.-F

Margen de Contribución Porcentual Total = Ventas - Costos Variables Totales Ventas

_-5 /+ ./ K>+45,C:*,6+ M>5*/+4:-0 K>34>3 f-5,-C0/3 (>4-0/3

f/+4-3 (>4-0/3Eg 3

EM\N(e 7 7w\ZRZSdZeK>34>3 ^,D>3

K>34>3 f-5,-C0/3 (>4-0/3 f/+4-3 (>4-0/3

3v



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!c

3Q;D >:4: $&8 < 6=?&# $& %4#5="7>%"@#

70 _-5=/+ ./ K>+45,C:*,6+ 8:/./ 3:2,+,345-5 - 0- -.2,+,345-*,6+ ,+<>52-*,6+ C-34-+4/ b4,0F M>5

/D/280> 3, :+- 7285/3- /34? >8/5-+.> *>+ 8)5.,.-9 0- 5-O6+ ./0 2-5=/+ ./ *>+45,C:*,6+ ,+.,*- *:-+4>

-:2/+4-5? 0- 8)5.,.- +/4- 8>5 *-.- 8/3> ./ *-2C,> /+ 0-3 B/+4-3F \+- /0/B-.- 5-O6+ ./0 2-5=/+ ./

K>+45,C:*,6+ >5,=,+-5? 2-;>5/3 :4,0,.-./3 A:/ :+- 5-O6+ C-D-9 - 2/.,.- A:/ /0 B>0:2/+ ]n[ -3*,/+./ 8>5

/+*,2- ./0 8:+4> ./ /A:,0,C5,> *:-+.> /0 B>0:2/+ ./ B/+4-3 *-/ 8>5 ./C-D> ./0 8:+4> ./ /A:,0,C5,>9 *:-+.>

2?3 /0/B-.- 3/- 0- 5-O6+ ./0 2-5=/+ ./ K>+45,C:*,6+9 2-;>5 3/5? 0- 8)5.,.- - 2/.,.- A:/ ./*5/O*- /0 B-0>5

./0 B>0:2/+ ./ B/+4-3F

'70 M:+4> ./ /A:,0,C5,> 3/ 2>.,<,*- *:-+.> B-5Q- :+> ./ 3:3 *>28>+/+4/3'F M>5 /D/280>a •A:)

3:*/./ 3, 3/ -:2/+4-+ 0>3 K>34>3 ^,D>3€ W, -:2/+4-+ 0>3 K>34>3 ^,D>3 ; 0>3 ./2?3 Q4/23 8/52-+/*/+

*>+34-+4/39 /0 M:+4> ./ 7A:,0,C5,> 3/ ,+*5/2/+4-F

•w:) 3:*/./ 3, 3/ .,32,+:;/ 0>3 K>34>3 f-5,-C0/3€ W, .,32,+:;/+ 0>3 K>34>3 f-5,-C0/3 ; 0>3 ./2?3

Q4/23 8/52-+/*/+ *>+34-+4/3 /0 M:+4> ./ 7A:,0,C5,> 3/ 5/.:*/F

3Q;K C 6="6%"4#&: $& 86:>5"8"$6$&:

7U,34/+ B-5,-3 <>52-3 /+ A:/ 0-3 :4,0,.-./3 ./ :+- /285/3- 8:/.-+ -:2/+4-5F

M>5 /D/280>a

G[ d/.:**,6+ K>34>3 ^,D>3 (>4-0/3F

![ Z+*5/2/+4> ./0 M5/*,> ./ f/+4- \+,4-5,>F

#[ d/.:**,6+ ./ 0>3 K>34>3 f-5,-C0/3 \+,4-5,>3F

$[ Z+*5/2/+4> ./0 B>0:2/+ ./ :+,.-./3 B/+.,.-3F

e45- 2/.,*,6+ A:/ 8:/./ 5/0-*,>+-53/ /+ /0 =5?<,*> ./0 M:+4> ./ 7A:,0,C5,>9 3/ ./+>2,+- 2-5=/+ ./

3/=:5,.-.X A:/ ,+.,*- /0 8>5*/+4-D/ /+ A:/ 0-3 B/+4-3 80-+/-.-3 3>C5/8-3-+ /0 8:+4> ./ /A:,0,C5,>F

7D/280>a M:+4> ./ 7A:,0,C5,> n %PFPPP

f/+4-3 M0-+/-.-3 nGPPFPPP

M>5 0> 4-+4> _-5=/+ ./ W/=:5,.-. n%PFPPP ]*-+4,.-. /+ A:/ 0-3 B/+4-3 80-+/-.-39 /U*/./+ -0 8:+4> ./

/A:,0,C5,>F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G!H

f/+4-3 nGPPFPPP

K>34>3 f-5,-C0/3 &PFPPP

_-5=/+ ./ K>+45,C:*,6+ S5:4> $PFPPPK>34>3 ^,D>3 !PFPPP

_-5=/+ ./ K>+45,C:*,6+ N/4> !PFPPP

<6=?&# $& :&?>="$6$ %PFPPP

M>5*/+4-D/ _-5=/+ ./ W/=:5,.-. %PFPPP g %Pr

GPPFPPP

$654:

734/ 2-5=/+ ,+.,*- -85>U,2-.-2/+4/ @-34- .>+./ 8:/./+ ./*0,+-5 0-3 B/+4-3 80-+/-.-3 -+4/3 ./

,+*:55,5 :+- 8)5.,.-F \+ 5/.:*,.> 2-5=/+ ./ 3/=:5,.-. ,+.,*- =/+/5-02/+4/ A:/ 0- -.2,+,345-*,6+ ./C/ 45-4-5./ ,+*5/2/+4-5 /0 B>0:2/+ ./ B/+4-39 -:2/+4-5 0>3 85/*,>3 ./ B/+4-3 > 5/.:*,5 0>3 *>34>3F

10=:+>3 1.2,+,345-.>5/3 *5,4,*-+ 0>3 =5?<,*>3 ./0 8:+4> ./ /A:,0,C5,> 8>5A:/ ./34-*-+

<:+.-2/+4-02/+4/ /0 /A:,0,C5,>F 734-3 8/53>+-3 ./3/-+ A:/ /0 -+?0,3,3 @-=- @,+*-8,) /+ 0-3 :4,0,.-./39 /+

*>+3/*:/+*,-9 3/ @- *5/-.> 0- =5?<,*- ./ :4,0,.-./3F

3Q;Q 6 .8"%6%"4#&: $&8 6 #98":": %4:54MC 48><&#M>5"8"$6$

70 -+?0,3,3 K>34>Ef>0:2/+E\4,0,.-. 8:/./ -80,*-53/ - 0- 80-+/-*,6+ - K>54> M0-O>9 A:/ -</*4- - 0>3

3,=:,/+4/3 =/+/5-.>5/3 ./ ,+=5/3>9 -3Q *>2> 0- 80-+/-*,6+ A:/ -</*4- - 4>.- 0- /285/3-F

3Q;Q;3 $&%":"@# = &:.&%54 68 %"&==& $& >#6 .86#56

R- ./*,3,6+ ./ */55-5 :+- 80-+4-9 /3 *:-+.> 3/ /34? B/+.,/+.> :+ B>0:2/+ ./ B/+4-3 A:/ /3 ,+</5,>5 -0

B>0:2/+ ./ B/+4-3 3/V-0-.> /+ /0 8:+4> ./ /A:,0,C5,>9 0> A:/ ,280,*- >C4/+*,6+ ./ 8)5.,.-39 /34> 3/ ./C/ -

A:/ +> /34?+ *:C5,/+.> 4>4-02/+4/ 0>3 K>34>3 ^,D>3F

M/5> -+4/3 ./ ./*,.,59 /0 *,/55/ ./ :+- 80-+4-9 *:-+.> )34- >C4,/+/ 8)5.,.-3 /3 +/*/3-5,> 4/+/5 :+-

*0-3,<,*-*,6+ ./ 0>3 K>34>3 ^,D>39 8:/3 @-; K>34>3 ^,D>3 A:/ 8:/./+ /0,2,+-53/ -0 */55-5 :+- 80-+4-9 *>2> 8>5

/D/280>a 3:8/5B,3,6+9 -55,/+.>39 4/0)<>+>39 /4*F9 M/5> /U,34/+ >45>3 K>34>3 ^,D>39 A:/ +> 3/ 8:/./+ 5/*:8/5-5

/+ *-3> ./ -55/8/+4,2,/+4>9 /3 ./*,59 *:-0A:,/5 3/5B,*,> 8-=-.> *>+ -+4/5,>5,.-.F

`/ -@Q9 A:/ /3 +/*/3-5,>9 @-*/5 :+- *0-3,<,*-*,6+ ./ 0>3 K>34>3 ^,D>3F

R>3 K>34>3 ^,D>3 8:/./+ *-/5 ./+45> ./ 0- *0-3,<,*-*,6+ ./ B,B>3 > /U4,+=:,.>3 ]/B,4-C0/3 > ,+/B,4-C0/35/38/*4,B-2/+4/[F



7"C/&6)-#D" E ?/"1&/F .#")"-#%&/ – 4%5)&1)6%"1/ (% 7"(8'1&#)'

!"#$%&'#()( +,-"#-) .%(%&#-/ 0)"1) 2)&3) G#P

3Q;Q;3;3 84: %4:54: C "C4: L"B4:

W>+ -A:/00>3 -:+A:/ +> B-5Q-+ *>+ 0>3 *-2C,>3 /+ 85>.:**,6+9 5/85/3/+4-+ =-34>3 /+ /</*4,B> 8>5

,+*:55,53/ 8>5 /D/280>a 3:8/5B,3,6+ ./ 80-+4-9 2-+4/+*,6+9 /4*F

3Q;Q;3;A 84: %4:54: L"B4: &d5"#?>"$4:

d/85/3/+4-+ =-34>3 > /5>=-*,>+/3 /</*4:-.-3 *>+ -+4,*,8-*,6+ ; ./ 0-3 *:-0/3 -b+ A:/.-+ C/+/<,*,>3

8>5 ./5,B-59 8>5 /D/280>a ./85/*,-*,6+9 =-34>3 ./ >5=-+,O-*,6+9 /4*F M>5 0> 4-+4>9 -0 */55-5 :+- 80-+4-9 3/

2-+4/+.5Q-+ 0>3 K>34>3 ^,D>3 ,+*:55,.>3 > /U4,+=:,.>3F

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http://www.checkpoint.cl/maf/app/document?&src=laley&srguid=i0ad8181500000144bdc0ebb9a5807724&docguid=iEC6F08B6CB382E4F93F737AD56EA1F3F&hitguid=iEC6F08B6CB382E4F93F737AD56EA1F3F&spos=1&epos=1&td=5&ao=o.i0ADFAB86AF526A5181AF60C0D0F2C8EE&searchFrom=&savedSearch=false&searchStateContext=4#i%0A(1)








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8>5 b04,2- B/O 0- 8)5.,.- 8>5 ./4/5,>5> ./0 -*4,B>F R- /285/3- /34? >C0,=-.- - ,./+4,<,*-5 0>3

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*-0*:0-C- - 8-54,5 ./0 85/*,> ./ B/+4- +/4> ; -@>5- 3/ @-*/ - 8-54,5 ./0 B-0>5 ./ :3>9 >

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