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Economy Shipping

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Economy Shipping Cash Flows Incrementales En la primavera de 1950, el Controller de Economy Shipping Co., ubicada cerca de Pittsburg, estaba preparando un informe para el Comité Ejecutivo sobre la factibilidad de reparar uno de los barcos a vapor de la empresa, el Conway, o reemplazarlo por un nuevo barco con motor diesel. Economy Shipping se dedicaba al transporte de carbón desde las minas hasta las industrias consumidoras en el área de Pittsburgh. Todos los barcos de la empresa eran de vapor. Todos tenían por lo menos 10 años de antiguedad y la mayoría tenían entre 15 y 30 años. El Conway tenía 23 años y requería un trabajo de rehabilitación inmediato o su reemplazo. Si se realizaban los trabajos de reparación y matenimiento requeridos, se estimaba que este barco tendría una vida útil de otros 20 años. El valor de libros del Conway era de $ 39.500, pero el Controller estimaba que la compañía no podría cobrar más de $ 25.000 por su venta. Los costos de rehabilitación ascendían a $ 115.000. En dicha rehabilitación, era posible utilizar partes y repuestos de un barco retirado de la actividad en 1948. El valor de libros de estas partes era de 43.500 y su uso reduciría el costo de rehabilitación de $ 115.000 a $ 71.500. Se estimaba que el valor de venta de esas partes en el mercado era de $ 30.000. Las partes no podían usarse para ningún otro barco. Si se decide rehabilitar el Conway, el valor de libros, incluyendo el costo de rehabilitación, será depreciado a fines impositivos en 20 años. El Conway era operado por una tripulación de 20 personas. Los costos de operación anuales (incluyendo sueldos, beneficios al personal, combustible y mantenimiento) ascendían a $ 203.150. El Controller estimaba que el costo de desmantelar el Conway al término de su vida útil sería compensado por el valor de venta de la chatarra y repuestos que pudieran venderse. La alternativa de compra de un nuevo barco diesel estaba basada en la cotización por $ 325.000 para este tipo de barco realizada por un astillero de la zona. Se requerían $ 75.000 adicionales para adquirir un kit de repuestos básicos. Este kit podría ser usado para 3 barcos de propulsión diesel. La vida útil de un barco diesel se estimaba en 25 años. El motor diesel requeriría un trabajo de repotenciación a un costo de $ 60.000 cada 10 años. Al finalizar el vigésimo año de operaciones, el barco diesel podría ser vendido por $ 32.500 (sin necesidad de repotenciar el motor ese año) y el kit de partes por $ 37.500. Las amortizaciones deben ser realizadas en línea recta. El kit se puede amortizar a fines impositivos en 25 años. El casco del barco, cuyo costo se eleva a $ 265.000, debe ser depreciado para fines impositivos en 25 años y el motor en 10 años.

Consultas con el fabricante y otras compañías con experiencia en la operación de este tipo de embarcaciones, le permitieron al Controller estimar los costos operativos anuales de este barco en $ 156.640 (incluyendo sueldos de la tripulación, beneficios, combustible y mantenimiento). El Controller estaba también analizando posibles usos alternativos para los fondos de la empresa. En ese momento, Economy Shipping tenía fondos para comprar 4 barcos diesel. Los otros proyectos que se estaban considerando tenían un retorno esperado después de impuestos del 10% y un nivel de riesgo similar al representado por la operación del barco diesel. La tasa de impuesto a las ganancias era del 48%. Se solicita: Determinar la conveniencia de reemplazar el Conway por un nuevo barco diesel, mediante la proyección de los flujos de fondos incrementales.

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