dynashears inc - avance prl

Dynashears, Inc.Harvard Business School Case #292-017Case Software #XLS-551

Copyright © 2010 President and Fellows of Harvard College. No part of this product may be reproduced, stored in a retrieval system or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without the permission of Harvard Business School.

1990 1991July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. June Total

Sales $26,205 $1,820 $2,340 $2,860 $3,900 $3,380 $2,860 $1,820 $1,820 $1,560 $1,300 $1,040 $1,300 $26,000

Cost of goods sold

15,723 1,092 1,404 1,716 2,340 2,028 1,716 1,092 1,092 936 780 624 780 15,600

3,097 260 260 260 260 260 260 260 260 260 260 260 260 3,12018,820 1,352 1,664 1,976 2,600 2,288 1,976 1,352 1,352 1,196 1,040 884 1,040 18,720

Gross profit 7,385 468 676 884 1,300 1,092 884 468 468 364 260 156 260 7,280

2,816 234 234 234 234 234 234 234 234 234 234 234 234 2,808

Profit before taxes 4,569 234 442 650 1,066 858 650 234 234 130 26 (78) 26 4,472

Taxes 1,553 79 150 221 362 292 221 80 80 44 9 (27) 9 1,520

Profit after taxes 3,016 155 292 429 704 566 429 154 154 86 17 (51) 17 2,952

Dividends 1,300 - - 260 - - 260 - - 260 - - 520 1,300

Retained earnings $1,716 $155 $292 $169 $704 $566 $169 $154 $154 ($174) $17 ($51) ($503) $1,652

Cumulative retained earnings - $155 $447 $616 $ 1,320 $ 1,886 $ 2,055 $ 2,209 $ 2,363 $ 2,189 $ 2,206 $ 2,155 $ 1,652

Exhibit 1 Pro Forma Income Statements, Fiscal 1991 (thousands of dollars)

Actual June 30, 1990

Materials and labor @ 60% of salesOverhead (incl. depreciation $130)

Selling and administrative expenses

1990 1991

July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June

Cash $ 1,844 $640 $640 $640 $640 $640 $ 1,006 $ 2,280 $ 2,774 $ 2,108 $ 1,952 $ 1,536 $6401,812 2,470 3,250 4,030 5,330 5,330 4,550 3,250 2,730 2,470 2,080 1,690 1,820

Inventories 7,049 7,280 7,228 6,864 5,876 5,200 4,836 5,096 5,356 5,772 6,344 7,072 7,644Current assets 10,705 10,390 11,118 11,534 11,846 11,170 10,392 10,626 10,860 10,350 10,376 10,298 10,104

Net plant 21,360 22,660 23,960 23,960 23,960 23,960 23,960 23,960 23,960 23,960 23,960 23,960 23,960Total assets $32,065 $33,050 $35,078 $35,494 $35,806 $35,130 $34,352 $34,586 $34,820 $34,310 $34,336 $34,258 $34,064

Bank loans payable $0 $853 $ 2,410 $ 2,816 $ 2,062 $528 $0 $0 $0 $0 $0 $0 $940749 647 676 676 676 676 676 676 676 676 676 676 676

0 79 229 70 432 724 565 645 725 389 398 371 0Misc. other 234 234 234 234 234 234 234 234 234 234 234 234 234

Current liabilities $983 $ 1,813 $ 3,549 $ 3,796 $ 3,404 $ 2,162 $ 1,475 $ 1,555 $ 1,635 $ 1,299 $ 1,308 $ 1,281 $ 1,850Mortgage 8% 10,400 10,400 10,400 10,400 10,400 10,400 10,140 10,140 10,140 10,140 10,140 10,140 9,880Common stock 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000Earned surplus 10,682 10,837 11,129 11,298 12,002 12,568 12,737 12,891 13,045 12,871 12,888 12,837 12,334

Total liab., net worth $32,065 $33,050 $35,078 $35,494 $35,806 $35,130 $34,352 $34,586 $34,820 $34,310 $34,336 $34,258 $34,064

Exhibit 2 Pro Forma Balance Sheets, Fiscal 1991 (thousands of dollars)

Actual June 20,

1990

Accounts receivablea

Accounts payableb

Taxes payablec

aAssumes collections lag sales by 45 days.bAssumes 30-day payment period, in accordance with trade terms.cEstimated taxes are paid in four equal installments of $380,000 each in September, December, March, and June based on pro forma earnings calculated the previous June.

1990 1991

Raw Materials July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May JuneOpening balances $ 705 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676Plus: Purchases 647 676 676 676 676 676 676 676 676 676 676 676Less: Trans. to work in process 676 676 676 676 676 676 676 676 676 676 676 676Closing balance $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676Work in ProcessOpening balance $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704Plus: Raw materials additions 676 676 676 676 676 676 676 676 676 676 676 676Plus: Labor additions 676 676 676 676 676 676 676 676 676 676 676 676Less: Trans. to finished goods 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352Closing balance $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704 $2,704Finished GoodsOpening balance $3,640 $3,900 $3,848 $3,484 $2,496 $1,820 $1,456 $1,716 $1,976 $2,392 $2,964 $3,692Plus: Work in process additions 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,352Less: Cost of goods sold 1,092 1,404 1,716 2,340 2,028 1,716 1,092 1,092 936 780 624 780Closing balance $3,900 $3,848 $3,484 $2,496 $1,820 $1,456 $1,716 $1,976 $2,392 $2,964 $3,692 $4,264Total closing inventory $7,280 $7,228 $6,864 $5,876 $5,200 $4,836 $5,096 $5,356 $5,772 $6,344 $7,072 $7,644

Exhibit 2 (continued) Inventory Subsidiary Data (FIFO)

1990 1991June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

Cash $ 1,844 $832 $497 $609 $606 $723 $559 $986 $936 $601Accounts receivable 1,812 2,467 3,169 3,822 4,914 4,805 4,846 3,442 2,756 2,493Inventories 7,049 7,285 7,220 6,924 6,242 5,829 5,652 6,020 6,233 6,410

Current assets 10,705 10,584 10,886 11,355 11,762 11,357 11,057 10,448 9,925 9,504Net plant 21,360 22,698 24,063 24,216 24,224 24,211 24,248 24,211 24,183 24,184

Total assets $32,065 $33,282 $34,949 $35,571 $35,986 $35,568 $35,305 $34,659 $34,108 $33,688Bank loans payable $0 $ 1,104 $ 2,398 $ 3,197 $ 2,673 $ 1,634 $ 1,917 $ 1,131 $611 $995Accounts payable 749 686 673 733 762 725 595 608 572 447Taxes payable 0 58 177 (56) 252 480 266 310 313 (80)Misc. other 234 239 276 247 252 239 234 231 226 224

Current liabilities 983 2,087 3,524 4,121 3,939 3,078 3,012 2,280 1,722 1,586Mortgage 8% 10,400 10,400 10,400 10,400 10,400 10,400 10,140 10,140 10,140 10,140Common stock 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000Earned surplus 10,682 10,795 11,025 11,050 11,647 12,090 12,153 12,239 12,246 11,962

Total liab., net worth $32,065 $33,282 $34,949 $35,571 $35,986 $35,568 $35,305 $34,659 $34,108 $33,688

Exhibit 3 Balance Sheets, 1990-1991 (thousands of dollars)

1990 1991Jul Aug Sept Oct Nov Dec Jan Feb Mar

Raw MaterialsOpening balance $705 $708 $659 $662 $691 $717 $678 $664 $656Plus: Purchases 684 676 728 754 697 598 600 567 450Less: Trans. to work in process 681 725 725 725 671 637 614 575 523Closing balance $708 $659 $662 $691 $717 $678 $664 $656 $583Work in ProcessOpening balance $2,704 $2,722 $2,778 $2,799 $2,801 $2,726 $2,637 $2,564 $2,414Plus: Raw materials additions 681 725 725 725 671 637 614 575 523Plus: Labor additions 686 686 671 686 650 686 686 598 562Less: Trans. to finished goods 1,349 1,355 1,375 1,409 1,396 1,412 1,373 1,323 1,300Closing balance $2,722 $2,778 $2,799 $2,801 $2,726 $2,637 $2,564 $2,414 $2,199Finished GoodsOpening balance $3,640 $3,855 $3,783 $3,463 $2,750 $2,386 $2,337 $2,792 $3,163Plus: Work in process additions 1,349 1,355 1,375 1,409 1,396 1,412 1,373 1,323 1,300Less: Cost of goods sold 1,134 1,427 1,695 2,122 1,760 1,461 918 952 835Closing balance $3,855 $3,783 $3,463 $2,750 $2,386 $2,337 $2,792 $3,163 $3,628Total closing inventory $7,285 $7,220 $6,924 $6,242 $5,829 $5,652 $6,020 $6,233 $6,410


1990 1991July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

Sales $1,799 $2,265 $2,678 $3,536 $2,933 $2,434 $1,529 $1,511 $1,303Cost of goods

Materials and labor 1,134 1,427 1,695 2,122 1,760 1,461 918 952 835Overhead (incl. depreciation $130) 257 252 296 270 263 250 255

1,391 1,679 1,991 2,392 2,023 1,711 1,173 1,277 1,116Gross profit 408 586 687 1,144 910 723 356 234 187Selling and administrative expenses 237 237 255 239 239 234 226 224 224Profit before taxes 171 349 432 905 671 489 130 10 (37)Taxes 58 119 147 308 228 166 44 3 (13)Profit after taxes 113 230 285 597 443 323 86 7 (24)Dividends - - 260 - - 260 - - 260Retained earnings $113 $230 $25 $597 $443 $63 $86 $7 ($284)Cumulative retained earnings $113 $343 $368 $965 $1,408 $1,471 $1,557 $1,564 $1,280

Exhibit 4 Income Statements, 1990-1991 (thousands of dollars)

325a 281a

aIncludes special cost for laying off personnel.

1990

Raw Materials July Aug. Sept.Opening balances 705 676 676Plus: Purchases 647 676 676Less: Trans. to work in process 676 676 676Closing balance 676 676 676Work in ProcessOpening balance $2,704 2,704 2,704Plus: Raw materials additions 676 676 676Plus: Labor additions 676 676 676Less: Trans. to finished goods 1,352 1,352 1,352Closing balance 2,704 2,704 2,704Finished GoodsOpening balance 3,640 3,900 3,848Plus: Work in process additions 1,352 1,352 1,352Less: Cost of goods sold 1,092 1,404 1,716Closing balance 3,900 3,848 3,484Total closing inventory 7,280 $7,228 $6,864

1990

Actual June 30, 1990 July Aug. Sept.

Sales 26,205 $1,820 $2,340 $2,860

Cost of goods sold

15,723 1,092 1,404 1,716

3,097 260 260 26018,820 1,352 1,664 1,976

Gross profit 7,385 468 676 884

2,816 234 234 234

Profit before taxes 4,569 234 442 650

Taxes 1,553 79 150 221

Profit after taxes 3,016 155 292 429

Dividends 1,300 - - 260

Retained earnings $1,716 $155 $292 $169

Cumulative retained earnings - $155 $447 $616

1990Actual June 20, 1990 July Aug. Sept.

Cash 1844.00 640.00 640.00 640.001,812 2,470 3,250 4,030

Inventories 7,049 7,280 7,228 6,864Current assets 10,705 10,390 11,118 11,534

Net plant 21,360 22,660 23,960 23,960Total assets 32,065 33,050 35,078 35,494

Bank loans payable $0 $853 $2,410 $2,816749 647 676 676

0 79 229 70Misc. other 234 234 234 234

Current liabilities 983.00 1813.00 3549.00 3796.00Mortgage 8% 10,400 10,400 10,400 10,400Common stock 10,000 10,000 10,000 10,000Earned surplus 10,682 10,837 11,129 11,298







Accounts payableb

Taxes payablec

Total liab., net worth 32065.00 $33,050 $35,078 $35,494

RAZONES FINANCIERASMargen de utilidad bruta 28% 26% 29% 31%Margen de utilidad operativa 17% 13% 19% 23%Margen de utilidad neta 7% 9% 12% 6%Rotación de Activos Totales 0.054 0.005 0.008 0.005Apalancamiento 0.031 0.055 0.101 0.107ROE 0.011% 0.002% 0.011% 0.003%

RATIOS OPERATIVOS Ventas Promedio Diarias 73 61 78 95Costo de ventas promedio diari 52 45 55 66Compras promedio diario 44 45 45

CAJARotación de Caja en días VPD 25 11 8 7

CUENTAS POR COBRARRotación de CxC en días VPD 25 41 42 42

INVENTARIOSRotación de Inventarios en días 135 162 130 104Inventario Inicial 7,049 7,280 7,228Compras 1,323 1,352 1,352Costo de Venta 1,092 1,404 1,716Inventario Final 7,280 7,228 6,864

CUENTAS POR PAGARRotación de CxP en días de CVP 14 14 12 10

CICLO OPERATIVO 202 172 146CICLO DE CONVERSIÓN DE EFECTIVO 188 160 136

CAPITAL DE TRABAJO

ACO 10,705 10,390 11,118 11,534PACO 983 960 1,139 980NOF 9,722 9,430 9,979 10,554CT 9,722 8,577 7,569 7,738NOF - CT = Credito a cp (+) o EC 0 853 2,410 2,816

check $0 $0 $0 $0

1990 1991

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May676 676 676 676 676 676 676 676676 676 676 676 676 676 676 676676 676 676 676 676 676 676 676676 676 676 676 676 676 676 676

2,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704676 676 676 676 676 676 676 676676 676 676 676 676 676 676 676

1,352 1,352 1,352 1,352 1,352 1,352 1,352 1,3522,704 2,704 2,704 2,704 2,704 2,704 2,704 2,704

3,484 2,496 1,820 1,456 1,716 1,976 2,392 2,9641,352 1,352 1,352 1,352 1,352 1,352 1,352 1,3522,340 2,028 1,716 1,092 1,092 936 780 6242,496 1,820 1,456 1,716 1,976 2,392 2,964 3,692

$5,876 $5,200 $4,836 $5,096 $5,356 $5,772 $6,344 $7,072

1990 1991Oct. Nov. Dec. Jan. Feb. Mar. Apr. May.$3,900 $3,380 $2,860 $1,820 $1,820 $1,560 $1,300 $1,040

2,340 2,028 1,716 1,092 1,092 936 780 624

260 260 260 260 260 260 260 2602,600 2,288 1,976 1,352 1,352 1,196 1,040 8841,300 1,092 884 468 468 364 260 156

234 234 234 234 234 234 234 2341,066 858 650 234 234 130 26 (78)

362 292 221 80 80 44 9 (27)704 566 429 154 154 86 17 (51)

- - 260 - - 260 - -$704 $566 $169 $154 $154 ($174) $17 ($51)

$ 1,320 $ 1,886 $ 2,055 $ 2,209 $ 2,363 $ 2,189 $ 2,206 $ 2,155

1990 1991Oct. Nov. Dec. Jan. Feb. Mar. Apr. May

640.00 640.00 1006.00 2280.00 2774.00 2108.00 1952.00 1536.005,330 5,330 4,550 3,250 2,730 2,470 2,080 1,6905,876 5,200 4,836 5,096 5,356 5,772 6,344 7,072

11,846 11,170 10,392 10,626 10,860 10,350 10,376 10,29823,960 23,960 23,960 23,960 23,960 23,960 23,960 23,96035,806 35,130 34,352 34,586 34,820 34,310 34,336 34,258$2,062 $528 $0 $0 $0 $0 $0 $0

676 676 676 676 676 676 676 676432 724 565 645 725 389 398 371234 234 234 234 234 234 234 234

3404.00 2162.00 1475.00 1555.00 1635.00 1299.00 1308.00 1281.0010,400 10,400 10,140 10,140 10,140 10,140 10,140 10,14010,000 10,000 10,000 10,000 10,000 10,000 10,000 10,00012,002 12,568 12,737 12,891 13,045 12,871 12,888 12,837

$35,806 $35,130 $34,352 $34,586 $34,820 $34,310 $34,336 $34,258

33% 32% 31% 26% 26% 23% 20% 15%27% 25% 23% 13% 13% 8% 2% -8%18% 17% 6% 8% 8% -11% 1% -5%

0.020 0.016 0.005 0.004 0.004 -0.005 0.000 -0.0010.095 0.062 0.043 0.045 0.047 0.038 0.038 0.037

0.034% 0.017% 0.001% 0.002% 0.002% 0.002% 0.000% 0.000%

130 113 95 61 61 52 43 3587 76 66 45 45 40 35 2945 45 45 45 45 45 45 45

5 6 11 38 46 41 45 44

41 47 48 54 45 48 48 49

68 68 73 113 119 145 183 2406,864 5,876 5,200 4,836 5,096 5,356 5,772 6,3441,352 1,352 1,352 1,352 1,352 1,352 1,352 1,3522,340 2,028 1,716 1,092 1,092 936 780 6245,876 5,200 4,836 5,096 5,356 5,772 6,344 7,072

8 9 10 15 15 17 20 23

109 115 121 167 164 192 231 289101 107 111 152 149 175 212 266

11,846 11,170 10,392 10,626 10,860 10,350 10,376 10,2981,342 1,634 1,475 1,555 1,635 1,299 1,308 1,281

10,504 9,536 8,917 9,071 9,225 9,051 9,068 9,0178,442 9,008 8,917 9,071 9,225 9,051 9,068 9,0172,062 528 0 0 0 0 0 0

$0 $0 $0 $0 $0 $0 $0 $0

June676676676676

2,704676676

1,3522,704

3,6921,352

7804,264

$7,644

1991June Total$1,300 $26,000

780 15,600

260 3,1201,040 18,720

260 7,280

234 2,80826 4,472

9 1,52017 2,952

520 1,300($503) $1,652

$ 1,652

1991June

640.001,8207,644

10,10423,96034,064

$940676

0234

1850.009,880

10,00012,334

July Aug. Sept.

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May.

June$0

$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500

Forecast Sales

Forecast Sales

$34,064

20% 28%2% 17%

-39% 6%-0.0150.054

0.031%

433545

15

42

2217,0721,352

7807,644

20

263243

10,104910

9,1948,254

940

$0

July Aug. Sept.

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May.

June$0

$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500

Forecast Sales

Forecast Sales

1990

Raw Materials July Aug. Sept.Opening balances $705 $708 $659Plus: Purchases 684 676 728Less: Trans. to work in process 681 725 725Closing balance $708 $659 $662Work in ProcessOpening balance 2,704 2,722 2,778Plus: Raw materials additions 681 725 725Plus: Labor additions 686 686 671Less: Trans. to finished goods 1,349 1,355 1,375Closing balance $2,722 $2,778 $2,799Finished GoodsOpening balance $3,640 $3,855 $3,783Plus: Work in process additions 1,349 1,355 1,375Less: Cost of goods sold 1,134 1,427 1,695Closing balance $3,855 $3,783 $3,463Total closing inventory $7,285 $7,220 $6,924


July Aug. Sept.

Sales 26,205 $1,799 $2,265 $2,678Cost of goods sold

Materials and labor @ 60% of sales 15,723 1,134 1,427 1,695Overhead (incl. depreciation $130) 3,097 257 252 296

18,820 1,391 1,679 1,991Gross profit 7,385 408 586 687Selling and administrative expenses 2,816 237 237 255Profit before taxes 4,569 171 349 432Taxes 1,553 58 119 147Profit after taxes 3,016 113 230 285Dividends 1,300 - - 260Retained earnings $1,716 $113 $230 $25Cumulative retained earnings - $113 $343 $368

1990Actual June 20, 1990 July Aug. Sept.

Cash $1,844 $832 $497 $6091,812 2,467 3,169 3,822


Net plant 21,360 22,698 24,063 24,216Total assets $32,065 $33,282 $34,949 $35,571

Bank loans payable $0 $1,104 $2,398 $3,197749 686 673 733

0 58 177 (56)Misc. other 234 239 276 247

Current liabilities 983 2,087 3,524 4,121Mortgage 8% 10,400 10,400 10,400 10,400





Accounts payableb

Taxes payablec

Common stock 10,000 10,000 10,000 10,000Earned surplus 10,682 10,795 11,025 11,050

Total liab., net worth $32,065 $33,282 $34,949 $35,571


RATIOS OPERATIVOS Ventas Promedio Diarias 73 60 76 89Costo de ventas promedio diario 52 46 56 66Compras promedio diario 46 47 48



INVENTARIOSRotación de Inventarios en días de CVP 135 157 129 104Inventario Inicial 7,049 7,285 7,220Compras 1,365 1,401 1,453Costo de Venta 1,129 1,466 1,749Inventario Final 7,285 7,220 6,924

CUENTAS POR PAGARRotación de CxP en días de CVPD 14 15 12 11


CAPITAL DE TRABAJO

ACO 10,705 10,584 10,886 11,355PACO 983 983 1,126 924NOF 9,722 9,601 9,760 10,431CT 9,722 8,497 7,362 7,234NOF - CT = Credito a cp (+) o EC (-) 0 1,104 2,398 3,197

check $0 0 $0 $0

1990 1991

Oct. Nov. Dec. Jan. Feb. Mar.$662 $691 $717 $678 $664 $656

754 697 598 600 567 450725 671 637 614 575 523

$691 $717 $678 $664 $656 $583

2,799 2,801 2,726 2,637 2,564 2,414725 671 637 614 575 523686 650 686 686 598 562

1,409 1,396 1,412 1,373 1,323 1,300$2,801 $2,726 $2,637 $2,564 $2,414 $2,199

$3,463 $2,750 $2,386 $2,337 $2,792 $3,1631,409 1,396 1,412 1,373 1,323 1,3002,122 1,760 1,461 918 952 835

$2,750 $2,386 $2,337 $2,792 $3,163 $3,628$6,242 $5,829 $5,652 $6,020 $6,233 $6,410

1990 1991Oct. Nov. Dec. Jan. Feb. Mar.

$3,536 $2,933 $2,434 $1,529 $1,511 $1,303

2,122 1,760 1,461 918 952 835270 263 250 255

2,392 2,023 1,711 1,173 1,277 1,1161,144 910 723 356 234 187

239 239 234 226 224 224905 671 489 130 10 (37)308 228 166 44 3 (13)597 443 323 86 7 (24)

- - 260 - - 260$597 $443 $63 $86 $7 ($284)$965 $1,408 $1,471 $1,557 $1,564 $1,280

1990 1991Oct. Nov. Dec. Jan. Feb. Mar.

$606 $723 $559 $986 $936 $6014,914 4,805 4,846 3,442 2,756 2,4936,242 5,829 5,652 6,020 6,233 6,410

11,762 11,357 11,057 10,448 9,925 9,50424,224 24,211 24,248 24,211 24,183 24,184

$35,986 $35,568 $35,305 $34,659 $34,108 $33,688$2,673 $1,634 $1,917 $1,131 $611 $995

762 725 595 608 572 447252 480 266 310 313 (80)252 239 234 231 226 224

3,939 3,078 3,012 2,280 1,722 1,58610,400 10,400 10,140 10,140 10,140 10,140

325a 281a July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.$0

$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000

Real Sales

Real Sales

10,000 10,000 10,000 10,000 10,000 10,00011,647 12,090 12,153 12,239 12,246 11,962

$35,986 $35,568 $35,305 $34,659 $34,108 $33,688

32% 31% 30% 23% 15% 14%26% 23% 20% 9% 1% -3%17% 15% 3% 6% 0% -22%

0.017 0.012 0.002 0.002 0.000 -0.0080.109 0.087 0.085 0.066 0.050 0.047

0.031% 0.016% 0.000% 0.001% 0.000% 0.009%

118 98 81 51 50 4380 67 57 39 43 3749 46 41 40 38 32

5 7 7 19 19 14

42 49 60 68 55 57

78 86 99 154 146 1726,924 6,242 5,829 5,652 6,020 6,2331,479 1,368 1,235 1,214 1,142 9732,161 1,781 1,412 846 929 7966,242 5,829 5,652 6,020 6,233 6,410

10 11 10 16 13 12

120 136 159 221 201 230110 125 148 206 188 218

11,762 11,357 11,057 10,448 9,925 9,5041,266 1,444 1,095 1,149 1,111 591

10,496 9,913 9,962 9,299 8,814 8,9137,823 8,279 8,045 8,168 8,203 7,9182,673 1,634 1,917 1,131 611 995

$0 $0 $0 $0 $0 $0

July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.$0

$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000

Real Sales

Real Sales

1990Real Real

Raw Materials July Aug.Opening balances $705 705 $708Plus: Purchases 684 647 676Less: Trans. to work in process 681 676 725Closing balance $708 676 $659Work in ProcessOpening balance 2,704 $2,704 2,722Plus: Raw materials additions 681 676 725Plus: Labor additions 686 676 686Less: Trans. to finished goods 1,349 1,352 1,355Closing balance $2,722 2,704 $2,778Finished GoodsOpening balance $3,640 3,640 $3,855Plus: Work in process additions 1,349 1,352 1,355Less: Cost of goods sold 1,134 1,092 1,427Closing balance $3,855 3,900 $3,783Total closing inventory $7,285 7,280 $7,220

Real Real


July Aug.

Sales 26,205 $1,799 $1,820 $2,265Cost of goods sold

15,7231,134

1,0921,427

3,097257

260252

18,820 1,391 1,352 1,679Gross profit 7,385 408 468 586

2,816237

234237

Profit before taxes 4,569 171 234 349Taxes 1,553 58 79 119Profit after taxes 3,016 113 155 230Dividends 1,300 0 0 0Retained earnings $1,716 $113 $155 $230Cumulative retained earnings $0 $113 $155 $343

1990

Real RealActual June 20, 1990 July Aug.

Cash $1,844 $832 640.00 $4971,812 2,467 2,470 3,169


Net plant 21,360 22,698 22,660 24,063Total assets $32,065 $33,282 33,050 $34,949

Bank loans payable $0 $1,104 $853 $2,398







749 686 647 6730 58 79 177

Misc. other 234 239 234 276Current liabilities 983 2,087 1813.00 3,524

Mortgage 8% 10,400 10,400 10,400 10,400Common stock 10,000 10,000 10,000 10,000Earned surplus 10,682 10,795 10,837 11,025

Total liab., net worth $32,065 $33,282 $33,050 $34,949


RATIOS OPERATIVOS Ventas Promedio Diarias 73 60 61 76Costo de ventas promedio diari 52 46 45 56Compras promedio diario 46 44 47



INVENTARIOSRotación de Inventarios en días 135 157 162 129Inventario Inicial 7,049 7,285 7,285Compras 1,365 1,323 1,401Costo de Venta 1,129 1,328 1,466Inventario Final 7,285 7,280 7,220

CUENTAS POR PAGARRotación de CxP en días de CVP 14 15 14 12


CAPITAL DE TRABAJO

ACO 10,705 10,584 10,390 10,886PACO 983 983 960 1,126NOF 9,722 9,601 9,430 9,760CT 9,722 8,497 8,577 7,362NOF - CT = Credito a cp (+) o EC 0 1,104 853 2,398

Accounts payableb

Taxes payablec

check $0 0 0 $0

1990 1991Real Real Real Real

Sept. Oct. Nov. Dec.676 $659 676 $662 676 $691 676 $717676 728 676 754 676 697 676 598676 725 676 725 676 671 676 637676 $662 676 $691 676 $717 676 $678

2,704 2,778 2,704 2,799 2,704 2,801 2,704 2,726676 725 676 725 676 671 676 637676 671 676 686 676 650 676 686

1,352 1,375 1,352 1,409 1,352 1,396 1,352 1,4122,704 $2,799 2,704 $2,801 2,704 $2,726 2,704 $2,637

3,900 $3,783 3,848 $3,463 3,484 $2,750 2,496 $2,3861,352 1,375 1,352 1,409 1,352 1,396 1,352 1,4121,404 1,695 1,716 2,122 2,340 1,760 2,028 1,4613,848 $3,463 3,484 $2,750 2,496 $2,386 1,820 $2,337

$7,228 $6,924 $6,864 $6,242 $5,876 $5,829 $5,200 $5,652

Real Real Real Real1990

Sept. Oct. Nov. Dec.$2,340 $2,678 $2,860 $3,536 $3,900 $2,933 $3,380 $2,434

1,4041,695

1,7162,122

2,3401,760

2,0281,461

260296

260270

260263

260250

1,664 1,991 1,976 2,392 2,600 2,023 2,288 1,711676 687 884 1,144 1,300 910 1,092 723

234255

234239

234239

234234

442 432 650 905 1,066 671 858 489150 147 221 308 362 228 292 166292 285 429 597 704 443 566 323

0 260 260 0 0 0 0 260$292 $25 $169 $597 $704 $443 $566 $63$447 $368 $616 $965 $1,320 $1,408 $1,886 $1,471

1990

Real Real Real RealSept. Oct. Nov. Dec.

640.00 $609 640.00 $606 640.00 $723 640.00 $5593,250 3,822 4,030 4,914 5,330 4,805 5,330 4,8467,228 6,924 6,864 6,242 5,876 5,829 5,200 5,652

11,118 11,355 11,534 11,762 11,846 11,357 11,170 11,05723,960 24,216 23,960 24,224 23,960 24,211 23,960 24,24835,078 $35,571 35,494 $35,986 35,806 $35,568 35,130 $35,305$2,410 $3,197 $2,816 $2,673 $2,062 $1,634 $528 $1,917

676 733 676 762 676 725 676 595229 (56) 70 252 432 480 724 266234 247 234 252 234 239 234 234

3549.00 4,121 3796.00 3,939 3404.00 3,078 2162.00 3,01210,400 10,400 10,400 10,400 10,400 10,400 10,400 10,14010,000 10,000 10,000 10,000 10,000 10,000 10,000 10,00011,129 11,050 11,298 11,647 12,002 12,090 12,568 12,153

$35,078 $35,571 $35,494 $35,986 $35,806 $35,568 $35,130 $35,305

29% 26% 31% 32% 33% 31% 32% 30%19% 16% 23% 26% 27% 23% 25% 20%12% 1% 6% 17% 18% 15% 17% 3%

0.008 0.001 0.005 0.017 0.020 0.012 0.016 0.0020.101 0.115853 0.106948 0.109 0.095 0.087 0.062 0.085

0.011% 0.000% 0.003% 0.031% 0.034% 0.016% 0.017% 0.000%

78 89 95 118 130 98 113 8155 66 66 80 87 67 76 5745 48 45 49 45 46 45 41

8 7 7 5 5 7 6 7

42 43 42 42 41 49 47 60

130 104 104 78 68 86 68 997,280 7,220 7,228 6,924 6,864 6,242 5,876 5,8291,352 1,453 1,352 1,479 1,352 1,368 1,352 1,2351,404 1,749 1,716 2,161 2,340 1,781 2,028 1,4127,228 6,924 6,864 6,242 5,876 5,829 5,200 5,652

12 11 10 10 8 11 9 10

172 147 146 120 109 136 115 159160 136 136 110 101 125 107 148

11,118 11,355 11,534 11,762 11,846 11,357 11,170 11,0571,139 924 980 1,266 1,342 1,444 1,634 1,0959,979 10,431 10,554 10,496 10,504 9,913 9,536 9,9627,569 7,234 7,738 7,823 8,442 8,279 9,008 8,0452,410 3,197 2,816 2,673 2,062 1,634 528 1,917

$0 $0 $0 $0 $0 $0 $0 $0

1991Real Real RealJan. Feb. Mar.

676 $678 676 $664 676 $656 676676 600 676 567 676 450 676676 614 676 575 676 523 676676 $664 676 $656 676 $583 676

2,704 2,637 2,704 2,564 2,704 2,414 2,704676 614 676 575 676 523 676676 686 676 598 676 562 676

1,352 1,373 1,352 1,323 1,352 1,300 1,3522,704 $2,564 2,704 $2,414 2,704 $2,199 2,704

1,820 $2,337 1,456 $2,792 1,716 $3,163 1,9761,352 1,373 1,352 1,323 1,352 1,300 1,3521,716 918 1,092 952 1,092 835 9361,456 $2,792 1,716 $3,163 1,976 $3,628 2,392

$4,836 $6,020 $5,096 $6,233 $5,356 $6,410 $5,772

Real Real Real1991

Jan. Feb. Mar.$2,860 $1,529 $1,820 $1,511 $1,820 $1,303 $1,560 $19,988

$0

1,716918

1,092952

1,092835

936 $12,304

260255

260325

260281

260 $2,4491,976 1,173 1,352 1,277 1,352 1,116 1,196 $14,753

884 356 468 234 468 187 364 $5,235

234226

234224

234224

234 $2,115650 130 234 10 234 (37) 130 $3,120221 44 80 3 80 (13) 44 $1,060429 86 154 7 154 (24) 86 $2,060260 0 0 0 0 260 260 $780

$169 $86 $154 $7 $154 ($284) ($174) $1,280$2,055 $1,557 $2,209 $1,564 $2,363 $1,280 $2,189 $9,069

1991

Real Real Real ForecastJan. Feb. Mar.

1006.00 $986 2280.00 $936 2774.00 $601 2108.004,550 3,442 3,250 2,756 2,730 2,493 2,4704,836 6,020 5,096 6,233 5,356 6,410 5,772

10,392 10,448 10,626 9,925 10,860 9,504 10,35023,960 24,211 23,960 24,183 23,960 24,184 23,96034,352 $34,659 34,586 $34,108 34,820 $33,688 34,310

$0 $1,131 $0 $611 $0 $995 $0

676 608 676 572 676 447 676565 310 645 313 725 (80) 389234 231 234 226 234 224 234

1475.00 2,280 1555.00 1,722 1635.00 1,586 1299.0010,140 10,140 10,140 10,140 10,140 10,140 10,14010,000 10,000 10,000 10,000 10,000 10,000 10,00012,737 12,239 12,891 12,246 13,045 11,962 12,871

$34,352 $34,659 $34,586 $34,108 $34,820 $33,688 $34,310

31% 23% 26% 15% 26% 14% 23% 26%23% 9% 13% 1% 13% -3% 8% 16%

6% 6% 8% 0% 8% -22% -11% 6%0.005 0.002 0.004 0.000 0.004 -0.008 -0.005 0.0370.043 0.066 0.045 0.050 0.047 0.047 0.038 #DIV/0!

0.001% 0.001% 0.002% 0.000% 0.002% 0.009% 0.002% #DIV/0!

95 51 61 50 61 43 5266 39 45 43 45 37 4045 40 45 38 45 32 45

11 19 38 19 46 14 41

48 68 54 55 45 57 48

73 154 113 146 119 172 1455,200 5,652 4,836 6,020 5,096 6,233 5,3561,352 1,214 1,352 1,142 1,352 973 1,3521,716 846 1,092 929 1,092 796 9364,836 6,020 5,096 6,233 5,356 6,410 5,772

10 16 15 13 15 12 17

121 221 167 201 164 230 192111 206 152 188 149 218 175

10,392 10,448 10,626 9,925 10,860 9,504 10,3501,475 1,149 1,555 1,111 1,635 591 1,2998,917 9,299 9,071 8,814 9,225 8,913 9,0518,917 8,168 9,071 8,203 9,225 7,918 9,051

0 1,131 0 611 0 995 0

$0 $0 $0 $0 $0 $0 $0

$22,360$0

$13,416

$2,340$15,756

$6,604

$2,106$4,498$1,529$2,969

$780$2,189

$13,240 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

Forecast SalesReal Sales

30%20%10%

#DIV/0!#DIV/0!#DIV/0!

July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

Forecast SalesReal Sales

dynashears inc - avance prl

Documents