HERNANDEZ+Luis

  **CONSTRUCCIÓN DEL EFAF ** **ESTADO DE FUENTES Y APLICACIÓN DE FONDOS **  Ha sido costumbre considerar el Estado de Resultados y el Balance General como los estados financieros principales, sobre los cuales la gerencia dirige la mayor parte de su atención al momento de evaluar la situación financiera de la empresa. El hecho de que el Balance General sólo muestre los valores de las diferentes cuentas de activo, pasivo y patrimonio en el último día del período contable, le da a éste un carácter estático que impide analizar un aspecto fundamental de las finanzas de la empresa: La forma como fueron tomadas las decisiones de inversión, financiación y dividendos durante el período que dicho balance cubre. La administración de un negocio es esencialmente administración de recursos y lo ideal es que existan estados financieros que muestren cómo éstos han sido provistos al sistema de circulación de fondos de la empresa con el fin de alcanzar el Objetivo Básico Financiero. El Estado de Fuente y Aplicación de Fondos (EFAF), y el Estado de Flujo de Efectivo (EFE), además de llenar este vacío, complementan el análisis de índices financieros pues ayudan a explicar su comportamiento en función de las decisiones que sobre movimiento de recursos ha tomado la dirección del negocio.   Los objetivos de la presente unidad son: 1. Conocer la importancia que tiene el Estado de Fuentes y Aplicación de fuentes en una empresa 2. Identificar cada uno de los pasos para la elaboración del Estado de Fuentes y aplicación de fondos EFAF, a través de la lectura de los documentos relacionados en recursos de apoyo 3. Construir un EFAF para la empresa propuesta, realizando el respectivo análisis basados en la solución de las preguntas propuestas <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-fareast-font-family: Arial; msobidifontstyle: italic; msofareastfontfamily: Arial; msolist: Ignore;">4. <span style="font-family: 'Arial','sans-serif';">Estar en capacidad de dar respuesta a l a forma como fueron tomadas las decisiones de inversión, financiación y dividendos durante un período de una Empresa. <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;"> <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Por lo tanto, un análisis financiero integral no puede limitarse únicamente al estudio del balance general y el estado de resultados sino que debe complementarse con otras herramientas. Cuatro de ellas son: El Presupuesto de Efectivo, la Proyección de Estados Financieros, el Estado de Fuente y Aplicación de Fondos y el Estado de Flujo de Efectivo. El desarrollo de esta WEBQUEST está orientado al desarrollo del tercero, el Estado de Fuente y Aplicación de Fondos. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Se dijo al comienzo que el EFAF sirve para ayudar a evaluar la calidad de las decisiones gerenciales, las cuales son tomadas por los ejecutivos en concordancia con los objetivos, estrategias y políticas de la empresa. Todas esas decisiones afectan de una u otra forma, a corto o a largo plazo, la situación financiera de la empresa la cual se refleja, en último término, en el Balance General (BG). <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Lo anterior quiere decir que si se compara el BG de principio del período con el del final, las diferencias en las diferentes partidas son consecuencia, ni más ni menos, que de las decisiones tomadas durante el período cubierto por dichos balances. Por lo tanto, un EFAF requiere por lo menos de dos balances para su elaboración. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Entendido lo anterior: <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">El EFAF debe sustentar las siguientes inquietudes: <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">1. <span style="font-family: 'Arial','sans-serif';">¿Dónde están los fondos invertidos en el negocio? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">2. <span style="font-family: 'Arial','sans-serif';">¿Cuál es la política de crecimiento de la empresa y cómo se está financiando ese crecimiento? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">3. <span style="font-family: 'Arial','sans-serif';">¿Qué se ha hecho con los fondos generados internamente? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">4. <span style="font-family: 'Arial','sans-serif';">¿Se ha mantenido el capital de trabajo? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">5. <span style="font-family: 'Arial','sans-serif';">¿Es consistente la política de dividendos con la realidad y las posibilidades de la empresa? <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Confecciones Moda Fina || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">BALANCES GENERALES ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Millones de Pesos || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1998 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1999 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Efectivo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">88 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">52 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Cuentas por Cobrar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.173 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.678 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Inventarios || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">397 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">646 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.658 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.376 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Maquinaria y Equipo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">915 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.571 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Depreciación Acumulada || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">-135 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">-209 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo fijo Neto || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">780 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.362 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.438 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">3.738 ** || <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Proveedores || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">519 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.050 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Impuestos por pagar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">184 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">211 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Préstamo a corto plazo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">261 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">842 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Pasivo Corriente || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">964 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.103 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Bonos por pagar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">300 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">250 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.264 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.353 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Capital || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.022 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.222 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidades retenidas || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">152 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">163 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.174 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.385 ** || <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Confecciones Moda Fina || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">ESTADOS DE RESULTADOS ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Millones de Pesos || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1998 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1999 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Ventas Netas || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">4.800 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">6.537 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">CMV || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.689 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">3.922 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.111 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.615 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Gastos de Administración || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">511 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">655 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Gastos de Ventas || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">818 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">981 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">782 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">979 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Gastos Fiancieros || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">168 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">240 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Otros Egresos || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">6 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">34 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">608 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">705 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Impuestos || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">184 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">211 || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">424 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">494 ** || <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Se dispone, igualmente, de la siguiente información adicional (notas de balance): <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">1. <span style="font-family: 'Arial','sans-serif';">El total de dividendos declarados y pagados en efectivo durante 1.999 fue de $483 millones. <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">2. <span style="font-family: 'Arial','sans-serif';">Una máquina que originalmente se adquirió por $210 millones y tenía una depreciación acumulada de $134 millones, se vendió de contado por $46 millones. <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">3. <span style="font-family: 'Arial','sans-serif';">La depreciación del período fue de $208 millones, de los cuales $180 se aplicaron a los costos de producción y el resto a gastos de administración. <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;"> <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;">Para el cumplimiento de los objetivos se proponen las siguientes actividades <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;"> <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: Arial; msobidifontstyle: italic; msobidifontweight: bold; msofareastfontfamily: Arial; msolist: Ignore;">1. <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;">Leer detenidamente los documentos relacionados en Recursos e identifique los aspectos más importantes de éstos para la realización de las tareas. <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: Arial; msobidifontstyle: italic; msobidifontweight: bold; msofareastfontfamily: Arial; msolist: Ignore;">2. <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;">Con los integrantes del equipo realizar el cálculo de las variaciones absolutas y relativas (conocimientos previos). <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;"> <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold; mso-fareast-font-family: Arial; msobidifontstyle: italic; msobidifontweight: bold; msofareastfontfamily: Arial; msolist: Ignore;">3. <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;">Elaborar el EFAF de siguiendo los siguientes pasos: <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;"> <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';"> **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">CUENTAS ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Disminución ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">DE ACTIVO || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">A ** || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">F ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">DE PASIVO || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">F ** || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">A ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">DE PATRIMONIO || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">F ** || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">A ** || <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Confecciones Moda Fina || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">BALANCES GENERALES ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Millones de Pesos || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1998 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1999 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">PASO 1 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">PASO 2 ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Efectivo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">88 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">52 || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">-36 ** || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">F ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Cuentas por Cobrar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.173 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.678 || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">505 ** || **<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">A ** || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Inventarios || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">397 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">646 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.658 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.376 ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Maquinaria y Equipo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">915 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.571 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Depreciación Acumulada || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">-135 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">-209 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo fijo Neto || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">780 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.362 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.438 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">3.738 ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Proveedores || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">519 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.050 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Impuestos por pagar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">184 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">211 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Préstamo a corto plazo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">261 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">842 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Pasivo Corriente || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">964 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.103 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Bonos por pagar || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">300 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">250 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.264 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">2.353 ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Capital || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.022 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.222 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidades retenidas || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">152 || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">163 || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.174 ** || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">1.385 ** || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Para las decisiones de financiación, el usuario del EFAF quisiera saber: <span style="font-family: 'Arial','sans-serif';">• Aumentos o disminuciones en los pasivos. <span style="font-family: 'Arial','sans-serif';">• Aportes de capital. <span style="font-family: 'Arial','sans-serif';">• Generación Interna de Fondos. <span style="font-family: 'Arial','sans-serif';">• Disminuciones del capital de trabajo neto operativo. <span style="font-family: 'Arial','sans-serif';">• Retiros de activos fijos (por venta o abandono). <span style="font-family: 'Arial','sans-serif';">• Liquidación de inversiones a largo plazo. <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Disminución del efectivo ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de Cuentas por pagar ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de CxP proveedores ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de inventarios ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de impuestos por pagar ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Adquisición de Maq y equipos ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento préstamos a Corto Plazo ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Disminución de Bonos por pagar ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de Capital ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Dividendos ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidad del ejercicio ||  ||   ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Gasto pérdida en Vta de Maquin. ||  ||   ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Valor Maquinaria vendida || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ** ||  || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ** ||  || <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">- De corto plazo (FCP) <span style="font-family: 'Arial','sans-serif';">- De largo plazo (FLP) <span style="font-family: 'Arial','sans-serif';">- Generación interna de fondos (GIF) <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">- De corto plazo (ACP) <span style="font-family: 'Arial','sans-serif';">- De largo plazo (ALP) <span style="font-family: 'Arial','sans-serif';">- Dividendos (DIV) <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Confecciones Modafina ** ||  || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">ESTADO DE FUENTES Y APLICACIÓN DE FONDOS ** ||  || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">AÑO 1999 ** ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Disminución del efectivo ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de Cuentas por pagar ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de CxP proveedores ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de inventarios ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de impuestos por pagar ||  ||   ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento préstamos a Corto Plazo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Aumento de Capital ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Adquisición de Maq y equipos ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Venta de Maquinaria y Equipo || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Disminución de Bonos por pagar || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidad neta del período ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Dividendos ||  || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Depreciación del período ||  ||   ||   || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Gasto pérdida en Vta de Maquin. || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> ||   || <span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ** ||  || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ** ||  || <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Pues bien, si observamos el cuadro ya clasificado obtenido en el paso No.5 y confrontamos las fuentes y las aplicaciones podremos darnos una idea de las decisiones tomadas y su compatibilidad con el principio de conformidad financiera explicado al principio del capítulo. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">El EFAF debe sustentar las siguientes inquietudes: <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">1. <span style="font-family: 'Arial','sans-serif';">¿Dónde están los fondos invertidos en el negocio? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">2. <span style="font-family: 'Arial','sans-serif';">¿Cuál es la política de crecimiento de la empresa y cómo se está financiando ese crecimiento? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">3. <span style="font-family: 'Arial','sans-serif';">¿Qué se ha hecho con los fondos generados internamente? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">4. <span style="font-family: 'Arial','sans-serif';">¿Se ha mantenido el capital de trabajo? <span style="font-family: 'Arial','sans-serif'; mso-fareast-font-family: Arial; msofareastfontfamily: Arial; msolist: Ignore;">5. <span style="font-family: 'Arial','sans-serif';">¿Es consistente la política de dividendos con la realidad y las posibilidades de la empresa? <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Principales conceptos de la Administración Financiera <span style="color: #0070c0; font-family: 'Arial','sans-serif';">[|www.gacetafinanciera.com/cccauca.ppt] <span style="color: #0070c0; font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Documento sobre el análisis del Movimiento de Recursos <span style="font-family: 'Arial','sans-serif';">[] <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="color: black; font-family: 'Arial','sans-serif';">El estado de Usos y Fuentes <span style="color: black; font-family: 'Arial','sans-serif'; font-style: normal; mso-bidi-font-style: italic;"> <span style="font-family: 'Arial','sans-serif';">[] <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">De acuerdo con lo anterior se puede afirmar que si bien el EFAF no dice si las decisiones fueron buenas o malas, al menos sirve como punto de partida para el análisis de éstas y para poder llegar a conclusiones razonables debe de apoyarse en otras herramientas tales como los índices financieros. De todas maneras obsérvese que un análisis financiero completo de un negocio no puede hacerse con una sola herramienta sino con varias (las que más se pueda), puesto que todas contienen información distinta que complementada puede conducirnos a análisis muy acertados. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Se concluye, pues, que el estudio del EFAF se complementa con el estudio de los indicadores financieros. Y lo contrario también ocurre, pues si se estuviera analizando los índices financieros de Confecciones Modafina, la pregunta que surgiría sería: ¿cómo está financiando la empresa los incrementos de capital de trabajo operativo? ¿Y la inversión en maquinaria? La respuesta, obviamente, la encontramos si analizamos el EFAF de la empresa. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">Pero el análisis que se ha venido haciendo de Confecciones Modafina no termina aquí, ya que por la conclusión a la que se llega con respecto a la forma de financiar la adquisición de maquinaria, las demás decisiones serán, igualmente, acertadas o desacertadas. Para eso se debe recurrir al Estado de Flujo de Efectivo, tema que se analizará en la siguiente WEBQUEST. <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">El valor numérico de la actividad es de 40 puntos, teniendo en cuenta los siguientes criterios de evaluación: <span style="font-family: 'Arial','sans-serif';"> **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Criterio **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> |||||||| **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Valor **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;"> <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">10 puntos **<span style="font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">8 puntos **<span style="font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">5 puntos **<span style="font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">3 puntos **<span style="font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Fundamentación en fuentes de información cuando da respuesta a las preguntas sugeridas **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Está bien fundamentado en las lecturas del curso y combina su conocimiento con las ideas teóricas. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Está bien fundamentado, pero solamente en las lecturas del curso, sin incluir su conocimiento sobre la temática. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Está parcialmente fundamentado en las lecturas del curso, pero se cae en cierto "opinionismo" carente de referencias bibliográficas. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Está mal fundamentado, y se recurre a la mera opinión personal para la construcción de ideas, sin que sus trabajos y participaciones reflejen que leyó los materiales. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Ejercicio de un pensamiento crítico **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Muestra el ejercicio de un pensamiento crítico, que juzga y evalúa cada aseveración con seriedad y profundidad, estableciendo juicios de valor sobre lo leído. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Muestra el ejercicio de un pensamiento crítico deficiente, que juzga y evalúa cada aseveración desde posiciones particulares sobre las que se emiten juicios de valor. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Muestra más que un ejercicio de pensamiento crítico, uno "criticón", llegando a extremos de escepticismo estériles, que no ayudan al entendimiento de los conceptos bajo estudio. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Muestra el ejercicio de un pensamiento acrítico, que no cuestiona en absoluto las aseveraciones leídas y que cae en cierto dogmatismo. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Cuidado en la presentación del reporte **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Tiene una presentación impecable, siguiendo las estructuras o formatos presentados aprovechando óptimamente los recursos que ofrece la herramienta Word. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Tiene una presentación clara y ordenada, pero muestra algunas fallas al seguir los formatos. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Tiene una presentación poco clara y ordenada, que muestran poco cuidado con una adecuada estructura. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Tiene una presentación bastante deficiente, <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || **<span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Dentro del grupo cada integrante debe realizar una autoevaluación **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Con su participación colaboró a que el equipo generara conocimiento en investigación educativa, resultado de la búsqueda de consensos. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Con su participación colaboró en un 70% a que el equipo generara conocimiento en investigación educativa, resultado de la búsqueda de consensos. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Con su participación colaboró en un 50% a que el equipo generara conocimiento en investigación educativa, resultado de la búsqueda de consensos. <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">No colaboró a que el equipo generara conocimiento en investigación educativa, resultado de la búsqueda de consensos <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;"> || <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';"> <span style="font-family: 'Arial','sans-serif';">
 * <span style="color: blue; font-family: 'Arial','sans-serif'; font-size: 17pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;">WEBQUEST PARA ESTUDIANTES DE **
 * <span style="color: blue; font-family: 'Arial','sans-serif'; font-size: 17pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;">ADMINISTRACIÓN FINANCIERA **
 * <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 14pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;">DOCENTE: LUIS FRANCISCO HERNANDEZ **<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 14pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES;">
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">INTRODUCCIÓN **
 * <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">¿Para qué sirven el EFAF y el EFE? **<span style="font-family: 'Arial','sans-serif';">En la medida en que ellos muestran de dónde provienen y en qué se utilizan los recursos, o el efectivo, y que dicho movimiento es consecuencia de las decisiones que toman los administradores de la empresa, la confrontación entre las fuentes y las aplicaciones nos ilustrará acerca de lo acertado o no de esas decisiones. Ayudar a //evaluar la calidad de las decisiones gerenciales// es, por lo tanto, el objetivo del EFAF y el EFE.
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">TAREA **
 * <span style="font-family: 'Arial','sans-serif';">ELABORAR UN EFAF **<span style="font-family: 'Arial','sans-serif';"> explicando los diferentes pasos que deben seguirse, para lo cual se empleará la siguiente información relacionada con la empresa "Confecciones Modafina S.A.” que se dedica a la fabricación de ropa para dama.
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo Corriente ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo Corriente ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ACTIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ACTIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PASIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PASIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PATRIMONIO ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PATRIMONIO ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidad Bruta ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Utilidad Bruta ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UTILIDAD OPERATIVA ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UTILIDAD OPERATIVA ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UAI ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UAI ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UTILIDAD NETA ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">UTILIDAD NETA ** ||
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">PROCESO **
 * <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.1: Establecer las diferencias en las cuentas de los Balances Generales. **<span style="color: black; font-family: 'Arial','sans-serif';">El cálculo de las diferencias aparece en la columna denominada "Paso 1" de los balances que se presentan más adelante. Es útil para efectos prácticos colocar los signos (+) y (-) dependiendo de si se ha presentado un aumento o una disminución en los diferentes rubros.
 * <span style="color: black; font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.2: Determinar si las diferencias son Fuentes o Aplicaciones. **<span style="color: black; font-family: 'Arial','sans-serif';">Teniendo en cuenta lo aprendido en las secciones dedicadas al análisis de las fuentes y las aplicaciones, y con el fin de determinar la categoría de cada una de las variaciones encontradas en el primer paso, a continuación se enuncia el criterio a aplicar: los aumentos en cuentas de activo son aplicaciones y las disminuciones son fuentes; los aumentos cuentas de pasivo o de patrimonio son fuentes y las disminuciones son aplicaciones.
 * <span style="color: black; font-family: 'Arial','sans-serif';">Clasificación de cuentas en Aplicación (A) y Fuente (F) **
 * <span style="font-family: 'Arial','sans-serif';">Plantilla Paso 1 y 2 **
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo Corriente ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">Activo Corriente ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ACTIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL ACTIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PASIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PASIVOS ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PATRIMONIO ** ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL PATRIMONIO ** ||
 * <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.3: Elaboración de la Primera Hoja de Trabajo. **<span style="font-family: 'Arial','sans-serif';">Es una primera aproximación al EFAF y consiste en elaborar un primer cuadro que resume, de un lado, todas aquellas variaciones que representan fuente (las simbolizadas con la letra F), y de otro lado, aquellas que implicaron aplicación (las simbolizadas con la letra A).
 * <span style="font-family: 'Arial','sans-serif';">Plantilla Primera Hoja de Trabajo **
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">FUENTES ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">APLICACIONES ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">APLICACIONES ** ||  ||
 * <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.4: Llevar a cabo la depuración de la información relacionada con las cuentas de utilidades retenidas y activos fijos. **<span style="font-family: 'Arial','sans-serif';">Comencemos explicando el de las utilidades retenidas por ser el más sencillo. El movimiento de la cuenta en términos de fuentes y aplicaciones es el siguiente:
 * <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.5: Elaboración del EFAF definitivo. **<span style="font-family: 'Arial','sans-serif';">El EFAF al que llegamos después de realizar las depuraciones propuestas ya contiene toda la información que se requiere para poder evaluar las decisiones de inversión, financiación y dividendos. Necesitamos ahora darle presentación, para lo cual agruparemos las fuentes y aplicaciones de acuerdo con las categorías en que dijimos se clasificaban, que eran:
 * <span style="font-family: 'Arial','sans-serif';">FUENTES: **
 * <span style="font-family: 'Arial','sans-serif';">APLICACIONES: **
 * <span style="font-family: 'Arial','sans-serif';">Plantilla EFAF definitivo **
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">FUENTES ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">APLICACIONES ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De corto Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De corto Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De corto Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De corto Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De corto Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL FUENTES DE CORTO PLAZO ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">APLICCIONES DE CORTO PLAZO ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De largo Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De largo Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De largo Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De largo Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">De largo Plazo ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL FUENTES DE LARGO PLAZO ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">APLICACIONES DE LARGO PLAZO ** ||  ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="color: black; font-size: 9pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ES; mso-hansi-font-family: Calibri;">TOTAL GENERACIÓN INTERNA DE FONDOS ** ||  ||   ||   ||
 * <span style="font-family: 'Arial','sans-serif'; mso-bidi-font-style: italic;">Paso No.6: Análisis del estado de fuente y aplicación de fondos. **<span style="font-family: 'Arial','sans-serif';">Al principio de este capítulo en la parte dedicada a explicar para qué sirve el EFAF se dijo que la evaluación de las decisiones se hace observando si las aplicaciones de recursos se ajustan o son razonables con respecto a los tipos de fuentes que se han utilizado.
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">RECURSOS **
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">CONCLUSIONES **
 * <span style="color: red; font-family: 'Arial','sans-serif'; font-size: 14pt;">EVALUACIÓN **

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