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\put(23.8347,-449.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ABSTRACT}
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\put(412.9946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información cuantitativa, información confiable para proceder a realizar los análisis financieros}
\put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los métodos tenemos:}
\put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Método Analítico }
\put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(37.9046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}método anal}
\put(89.7446,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ítico, }
\put(115.1946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es un proceso }
\put(180.1646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(194.7846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación }
\put(253.2846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empíric}
\put(283.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o – analítico }
\put(343.8046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se encar}
\put(398.4046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ga }
\put(413.0246,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}descomponer }
\put(81.28459,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferentes }
\put(124.8446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}partes o elementos }
\put(206.6646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para poder hacer la determinación }
\put(353.3646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de alguna }
\put(397.7245,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}causa, }
\put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efecto }
\put(50.72459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o naturale}
\put(90.39459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}za. El análisis }
\put(148.0446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realiza }
\put(177.1546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudios y examina }
\put(256.1946,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}algún hecho u objeto }
\put(342.1346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en particular}
\put(391.9546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, dentro }
\put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del campo de las ciencias naturales y las ciencias sociales (Pacheco, 2019).}
\put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Este método se aplicó durante la investigación }
\put(210.6746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el mismo que faci}
\put(281.5446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}litó comprender el comportamiento }
\put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de  las cuentas del balance general y estado de resultados.}
\put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Método Deductivo }
\put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Se }
\put(36.0246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}habla }
\put(59.8746,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(74.28459,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mét}
\put(89.28459,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}odo }
\put(106.4746,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deductivo }
\put(148.1046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(167.5046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}referirse }
\put(203.0046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(209.6346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una }
\put(226.2646,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma }
\put(252.3346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}específica }
\put(293.9546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(305.5846,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pensamiento }
\put(358.3246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o }
\put(365.5146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}razonamiento, }
\put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que extrae conclusiones lógicas }
\put(152.9346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y válidas }
\put(191.3846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a partir }
\put(222.6046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un conjunto}
\put(282.1646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} dado de premisas o proposiciones. }
\put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Es, dicho }
\put(62.8546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de otra forma, }
\put(120.6746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un modo de pensamiento }
\put(222.0346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que va de lo más general }
\put(321.5746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(como }
\put(349.2746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}leyes }
\put(371.9746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y principios) }
\put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a lo más específico o hechos concretos (Rafiino, 2019).}
\put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A}
\put(30.5046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} través del método }
\put(109.3246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deductivo }
\put(151.9446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se pudo llegar }
\put(212.5846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a conclusiones óptimas }
\put(309.8946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}partiendo }
\put(350.8446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de lo general }
\put(407.0346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a lo }
\put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}particular}
\put(61.7446,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, es decir que con la }
\put(144.2646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtención }
\put(186.3046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de todos los datos numéricos }
\put(304.8546,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se adquirieron }
\put(381.5246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por medio }
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\put(45.0846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigaci}
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\put(100.7046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bibliográfica }
\put(153.5446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(164.1746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizó }
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\put(205.9746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proceso }
\put(239.3746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
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\put(282.2146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ón }
\put(294.5146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre }
\put(318.4746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(327.9846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información }
\put(379.1546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económica }
\put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y financiera del Hotel Cabañas Balandra para la toma de decisiones.}
\put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUL}
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\put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Para obtener }
\put(77.67459,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los siguientes }
\put(135.4246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultados }
\put(179.0146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se utilizó }
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\put(244.2446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}herramien}
\put(284.7846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ta el }
\put(305.3046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis }
\put(338.3446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}horizontal, }
\put(384.4346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vertical }
\put(417.4546,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los }
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\put(135.0646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo }
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\put(163.6646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}facilitaron }
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\put(218.3546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comparación }
\put(273.1946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económica }
\put(319.7046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre }
\put(342.8846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(353.2946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(370.9246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 }
\put(394.1146,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(402.3146,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 }
\put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(38.2846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel}
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\put(258.5546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cosas positivas }
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\put(21,-5.901184){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis económico financiero del hotel cabañas balandra de la ciudad de Manta, 2017-2018}
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\put(219.1102,-414.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}   }
\put(139.0262,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cuadr}
\put(161.1142,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o 3.  }
\put(176.6742,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis vertical Estados de r}
\put(275.6422,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esultados}
\put(188.1864,-618.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente:  Los autor}
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\put(21.0354,-6.373718){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis económico financiero del hotel cabañas balandra de la ciudad de Manta, 2017-2018}
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\put(173.5571,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis horizontal Estado de r}
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\put(188.1864,-162.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente:  Los autor}
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\put(23.8346,-186.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis horizontal balance general 2017 y 2018}
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\put(56.9965,-222.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las cuentas y documentos por cobrar disminuyeron para el año 2018 el 15,95\% lo }
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\put(49.3465,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comparación del año 2017 que eran superiores.}
\put(49.3465,-426.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-426.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-426.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En los pasivos totales }
\put(143.5665,-426.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hubo una variación }
\put(220.9765,-426.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del 24,79\%, lo que ayudó a pagar las deudas }
\put(49.3465,-438.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a terceros porque sus ingresos aumentaron }
\put(219.1865,-438.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el 2018 a causa de los eventos realizados.}
\put(49.3465,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Por último, las cuentas y documentos por pagar en el año 2017 fueron mayores que la }
\put(49.3465,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del año siguiente}
\put(117.1765,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}; pues el hotel tuvo que endeudarse para reconstruir la infraestructura }
\put(49.3465,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afectada por el terremoto del año 2016. }
\put(23.8346,-498.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis vertical balance general año 2017 }
\put(23.8346,-510.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De igual manera, se tomó en consideración las cuentas más significativas. }
\put(49.3465,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Hotel Cabañas Balandra en el año 2017 mantuvo un 4\% en sus }
\put(315.8665,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuentas de efectivo, }
\put(49.3465,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado }
\put(89.07649,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}eficiente }
\put(126.0265,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(138.5465,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las }
\put(152.7365,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuenta}
\put(178.8365,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s }
\put(185.8065,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(193.8865,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}documentos }
\put(245.2865,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por }
\put(261.6965,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cobrar }
\put(290.3165,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su }
\put(302.2865,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porcentaje }
\put(347.0065,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(362.8565,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(378.1565,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2\%, }
\put(49.3465,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negativo }
\put(87.7065,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para la empresa }
\put(157.2165,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotelera }
\put(193.3465,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque éste no disponía de ingresos por cuentas }
\put(49.3465,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pendientes con terceros. }
\put(49.3465,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Por otro lado, sus cuentas y documentos por pagar a corto plaz}
\put(321.4765,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o fue del 7\%, sin }
\put(49.3465,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}embar}
\put(74.15649,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, }
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\put(107.1765,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deudas }
\put(138.8165,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(147.1165,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lar}
\put(157.4865,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go }
\put(171.3565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plazo }
\put(196.8765,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(212.9565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 }
\put(236.8265,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(253.4565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(266.7565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}51\%, }
\put(291.4565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es }
\put(303.6565,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir}
\put(323.2465,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(329.6165,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reflejaba }
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\put(381.2165,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus }
\put(49.3465,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}balances }
\put(86.32649,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deudas }
\put(116.6565,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con }
\put(133.6565,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instituciones }
\put(186.7665,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras }
\put(232.6365,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo }
\put(242.9665,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(259.9565,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(265.0165,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(272.5765,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(284.5665,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(294.3365,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 }
\put(316.8965,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decreció }
\put(353.3165,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(360.3165,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
\put(372.8765,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}41\%; }
\put(49.3465,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se deduce }
\put(90.7365,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(107.5465,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la demanda }
\put(155.5965,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(167.4065,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}turistas }
\put(198.6665,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} aumentó }
\put(237.8365,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(249.6465,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ese }
\put(264.7865,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(281.5965,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por  motivo }
\put(330.3765,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(342.1865,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}eventos }
\put(375.1065,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(386.9165,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(49.3465,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ciudad, por lo que el servicio de hospedaje creció en gran proporción. }
\put(23.9324,-7.760376){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Susy }
\put(207.3564,-7.760376){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(211.6844,-7.760376){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oala, Rossana Dolores  Mendoza, José Zambrano, María }
\put(394.3804,-7.760376){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V}
\put(399.2764,-7.760376){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alarezo }
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\newpage
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\put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}124}
\put(49.3465,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Respecto a los resultados acum}
\put(183.7365,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ulados por adopción por primera vez de las NIIF }
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\put(49.3465,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(59.7065,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año 2017 fue del }
\put(131.6965,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}235\%, ya que incorporó las utilidades }
\put(289.1265,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no distribuidas }
\put(352.0765,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y pérdidas }
\put(49.3465,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acumuladas suscitas en los periodos anteriores.  }
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\put(52.8465,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Hotel Cabañas Balandra }
\put(168.4865,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tie}
\put(178.4865,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ne en activos corrientes }
\put(275.5265,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 6,75\%, mientras }
\put(353.3165,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que en los }
\put(49.3465,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no corrientes tien}
\put(117.5965,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e el 93,25\%; la empresa no puede cubrir sus obligaciones }
\put(343.5965,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a corto plazo }
\put(49.3465,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido a que en el   efectivo }
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\put(198.9265,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 3,62\%. Es probable que el deterioro acumulado }
\put(49.3465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(63.9165,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor de cuentas y documentos }
\put(188.9765,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por cobrar }
\put(232.5465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comerciales }
\put(282.6465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por incobrabilidad }
\put(358.4365,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afecten }
\put(389.6465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(49.3465,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la liquidez del hotel.}
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\put(52.8465,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El pasivo corriente }
\put(137.2565,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es de 40,49 \% y sus pasivos no corrientes }
\put(312.2265,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es 59,51\%, es decir}
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\put(49.3465,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene más deudas a lar}
\put(140.7165,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go plazo. Esto se da porque la empresa hotelera }
\put(340.7365,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene muchas }
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\put(332.9764,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endeudamiento }
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\put(141.0065,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Además, la porción corriente }
\put(264.8665,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de obligac}
\put(307.5665,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iones emitidas }
\put(370.2065,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afecta }
\put(49.3465,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(60.1165,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}posibilidad }
\put(108.1065,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de cubrir }
\put(148.5265,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus deudas }
\put(196.1765,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(204.1665,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corto }
\put(228.2665,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plazo }
\put(253.4765,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya }
\put(266.4665,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(284.4565,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es alta. }
\put(316.8165,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Es probable }
\put(368.9065,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(386.8965,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(49.3465,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresa atrase sus pagos a préstamos adquiridos por la falta de liquidez.}
\put(49.3465,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los activos no corrientes son 93,25 \% y sus }
\put(232.7765,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pasivos no corrien}
\put(305.6565,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tes son 59,51 \% por lo }
\put(49.3465,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto puede cubrir sus }
\put(137.9665,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obligaciones }
\put(190.5365,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a lar}
\put(207.3665,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go plazo ya que sus }
\put(285.7865,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos no corrientes tienen }
\put(49.3465,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un porcentaje }
\put(106.9765,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más elevado. }
\put(162.6665,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Esto se da porque en la }
\put(260.5865,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresa, }
\put(299.3965,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo que corresponde a la }
\put(49.3465,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuenta de terreno y edificio es muy significativa en el total de los mismos.  }
\put(49.3465,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En las cuentas}
\put(114.0065,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} del }
\put(131.0265,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}patrimonio, }
\put(179.8065,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}34,09 \% es el }
\put(235.7865,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aporte }
\put(263.1765,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de cada }
\put(295.7365,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}accionista }
\put(338.1265,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y el }
\put(355.1465,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4,32 \% es }
\put(49.3465,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la utilida}
\put(84.5965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}d que genera la empresa, lo que indica }
\put(240.1465,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que la empresa tiene más aporte de los }
\put(49.3465,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismos. Es decir }
\put(119.8265,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que, la }
\put(148.5665,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reserva legal }
\put(201.4565,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y facultativa }
\put(253.2365,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son las fuentes principales }
\put(360.1465,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para que }
\put(49.3465,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el patrimonio sea más alto, a diferencia }
\put(208.0565,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la utilidad }
\put(262.4765,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se obtiene de la demanda del }
\put(49.3465,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}servicio, por el hecho de que existen más deudas, la rentabilidad tiende a ser baja. }
\put(49.3465,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las utilidades}
\put(116.2065,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} acumuladas }
\put(175.1765,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los ejercicios }
\put(252.2465,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}anteriores también}
\put(329.7765,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} aportan en el }
\put(49.3465,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rendimiento }
\put(99.8765,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del patrimonio }
\put(160.4065,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la empresa, }
\put(219.5165,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aunque en el 2017 fue inferior }
\put(341.0765,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la del 2018, }
\put(49.3465,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ésta también aporta al mismo.}
\put(21,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis vertical estado de r}
\put(138.59,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esultados año 2018}
\put(49.3465,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los siguientes resultados se realizaron en base al último año, es decir}
\put(326.0865,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, el 2018.}
\put(49.3465,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Hotel Cabañas Balandra, en su estado de resultados del 2018 demostró que sus }
\put(49.3465,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ingresos representaron }
\put(144.6765,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 250\%, mientras }
\put(223.5365,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que sus costos fueron de 150\%, es decir}
\put(391.5765,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(49.3465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(59.82649,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel }
\put(83.08649,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuvo }
\put(104.1265,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una }
\put(121.8265,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilidad }
\put(155.6365,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bruta }
\put(179.4465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}favorable }
\put(220.4565,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}durante }
\put(253.7065,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ese }
\put(269.7365,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}periodo. }
\put(306.0465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cabe }
\put(329.8565,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recalcar }
\put(364.7465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(382.4465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los }
\put(49.3465,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ingresos más significativos fueron de las actividades hoteleras.}
\put(49.3465,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Referente a los gastos operacionales }
\put(223.3565,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del hotel, }
\put(270.6365,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 75\% correspondían a los }
\put(49.3465,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}administrativos; }
\put(116.0765,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(125.5865,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}17\% }
\put(146.2065,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los }
\put(160.1665,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros, }
\put(208.8365,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(216.1265,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otros }
\put(238.4165,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gastos }
\put(265.7065,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(275.2165,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8\%. }
\put(293.3365,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Esto }
\put(313.4065,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indica }
\put(340.1265,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(356.8565,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dentro }
\put(384.6965,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(49.3465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los gastos administrativos }
\put(156.1765,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo cuales fueron más representativos,}
\put(305.5165,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} los sueldos y salarios }
\put(49.3465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(56.8165,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empleados }
\put(102.6165,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(118.4165,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abundante, }
\put(165.0465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los }
\put(179.7465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismos }
\put(213.8965,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(231.3665,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(242.7265,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}justifican }
\put(282.4265,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(294.8965,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(305.1465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis }
\put(338.1765,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}horizontal }
\put(381.7565,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(49.3465,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}balance general.}
\put(49.3465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En última }
\put(101.8465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instancia, }
\put(143.9865,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la utilidad}
\put(185.8565,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} neta }
\put(210.6965,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del ejercicio }
\put(265.5165,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arrojó un resultado positivo de }
\put(49.3465,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\$64.416.19, una vez deducido }
\put(171.4265,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la participación }
\put(235.6465,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del 15\% de trabaj}
\put(305.6065,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adores e impuesto }
\put(380.0165,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la }
\put(49.3465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta.  }
\put(21,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis horizontal del estado de r}
\put(165.55,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esultados año 2017 y 2018}
\put(49.3465,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En el año 2018 tuvo ingresos de \$ 1.846.624. 00, los análisis}
\put(306.6365,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} anteriores mostraban }
\put(49.3465,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultados del porqué sus ingresos aumentaron }
\put(244.5065,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el último }
\put(297.9365,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año, y esta situación }
\put(385.7365,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(49.3465,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}justificó con lo mencionado en los mismos.}
\put(49.3465,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Así como hubo más ingresos, existieron }
\put(222.6065,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más costos de personal, de mantenimiento }
\put(49.3465,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de habitaciones,}
\put(115.5665,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} piscinas, }
\put(158.8665,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bares, y todas las demás }
\put(266.6865,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instalaciones }
\put(322.6265,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(339.1365,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel, }
\put(365.9265,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya que }
\put(49.3465,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(60.29649,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dema}
\put(81.9565,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nda }
\put(100.1265,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue alta }
\put(134.7865,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el }
\put(158.9065,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018, y se brindó un servicio }
\put(284.8865,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mejorado }
\put(326.3765,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(347.3165,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los turistas. }
\put(49.3465,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La }
\put(63.5965,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferencia }
\put(107.2665,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(120.4065,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los }
\put(135.7765,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}costos de }
\put(177.6165,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}operación }
\put(220.7365,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(236.6565,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 }
\put(260.3565,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(276.8265,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\$1.025.829,24 }
\put(338.0265,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y el }
\put(357.6465,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 }
\put(381.3465,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(49.3465,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1.106.904,00; }
\put(108.0465,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su frecuencia }
\put(165.4065,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}absoluta }
\put(202.1465,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}era }
\put(217.7765,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(230.6365,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\$81.074,76, }
\put(281.5565,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(289.9765,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(300.6165,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relativa }
\put(334.0165,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7,90\%. }
\put(365.7665,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mucho }
\put(21.0354,-7.791016){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis económico financiero del hotel cabañas balandra de la ciudad de Manta, 2017-2018}
\put(316.2698,-7.791016){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_}
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\put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}125}
\put(49.3465,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mejor que el año anterior}
\put(149.3165,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. }
\put(49.3465,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En }
\put(70.51649,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los gastos operacionales }
\put(169.3865,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su situación }
\put(219.2065,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(234.3865,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversa, }
\put(268.1765,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(280.0265,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(289.6565,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(306.5065,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 fue \$638.675,00 }
\put(49.3465,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y el }
\put(68.6465,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 \$ 676.552,26, su variación }
\put(204.9465,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue }
\put(221.2565,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negativa }
\put(258.6665,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya que }
\put(289.6265,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decreció; }
\put(329.8065,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es algo }
\put(362.4365,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confuso }
\put(49.3465,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque según la investigación }
\put(171.5165,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el último }
\put(222.1865,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año hubo más ingresos y más costos, y por }
\put(49.3465,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lógica }
\put(76.57649,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus gastos debieron }
\put(157.7465,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ser mayores; }
\put(211.6665,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sin embar}
\put(250.9465,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, se }
\put(277.3765,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estima }
\put(306.2765,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(323.5164,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(335.7564,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(345.7764,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(363.0164,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}anterior }
\put(49.3465,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se adquirió más suministros los mismos que quedaron para el año siguiente.}
\put(49.3465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Sobre }
\put(83.9365,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(94.7665,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilid}
\put(115.8865,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ad }
\put(128.9365,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}operacional }
\put(179.1865,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(195.0165,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017, }
\put(221.1265,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una }
\put(239.1765,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vez }
\put(256.6665,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(274.7165,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(286.6565,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}promedió }
\put(328.5965,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(339.4265,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilidad }
\put(373.5865,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bruta }
\put(49.3465,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con los gastos, éste fue de \$46.455,56, mientras que en el 2018 fue \$101.045,00; }
\put(49.3465,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su varia}
\put(82.32649,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ción absoluta dio \$ 54.589,44 y su porcentaje }
\put(278.9965,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de variación }
\put(333.8465,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corresponde al }
\put(49.3465,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1}
\put(53.97649,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}17,51\%; esto es porque en el 2017 el hotel no generó mucha ganancia }
\put(343.3865,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y su utilidad }
\put(49.3465,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue menor; a diferencia del siguiente que fue más rentable.}
\put(49.3465,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La }
\put(71.65649,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participaci}
\put(113.8565,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ón de trabajadores }
\put(194.4965,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el }
\put(219.3765,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año 2018 fue mayor }
\put(308.5765,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que el }
\put(338.4565,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}anterior}
\put(369.1565,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, pues }
\put(49.3465,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(60.96649,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}necesitó }
\put(97.02649,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más }
\put(116.4265,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}personal }
\put(153.5965,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(174.0965,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cubrir }
\put(201.2665,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(211.7765,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gran }
\put(232.8365,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demanda }
\put(272.2165,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(284.9465,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ese }
\put(301.0065,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año, de }
\put(333.9665,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}igual }
\put(357.2565,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma, }
\put(386.9265,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(49.3465,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}impuesto a la renta fue menor}
\put(169.9865,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. }
\put(175.0365,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Y}
\put(181.8965,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} por último, la utilidad neta del último año superó al }
\put(49.3465,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 por los motivos antes expuestos. }
\put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis ratios financier}
\put(124.7746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}os año 2018}
\put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Referente }
\put(65.20461,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al }
\put(74.9346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador }
\put(115.2146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de liquide}
\put(154.9446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}z mediante }
\put(201.0546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los valores }
\put(246.6246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arrojado}
\put(279.9446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s por la }
\put(311.9146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}página }
\put(341.0846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(353.0346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia }
\put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Compañías se presentan los siguientes resultados:}
\put(49.3465,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Razón }
\put(86.1965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corrien}
\put(114.5165,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}te: }
\put(128.1565,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Se }
\put(141.8065,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consiguió }
\put(184.3465,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
\put(197.9965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}índice }
\put(226.0765,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(239.1665,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0,42, }
\put(262.8165,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es }
\put(274.7965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir }
\put(298.4265,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(309.2965,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez }
\put(345.1565,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(361.0265,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel }
\put(384.6665,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha }
\put(49.3465,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decrecido }
\put(90.5965,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en gran proporción, }
\put(171.3265,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conociendo }
\put(219.8065,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que el }
\put(246.2265,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel }
\put(268.6065,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}óptimo }
\put(299.3265,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es 1, indicando }
\put(361.7365,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que está }
\put(49.3465,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(61.3065,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo }
\put(88.26649,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(98.00649,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte }
\put(120.5165,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más }
\put(139.1465,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquida }
\put(169.4365,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(184.1765,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismo }
\put(213.9265,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(221.4465,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dificulta }
\put(256.7365,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(266.4765,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cumplimiento }
\put(324.5465,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(336.5065,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obligaciones }
\put(389.5665,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(49.3465,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corto plazo.}
\put(49.3465,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(49.3465,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Capita}
\put(83.1065,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}l de trabajo: la deducción }
\put(193.8465,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del activo }
\put(238.3665,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corriente }
\put(277.8365,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y pasivo corriente }
\put(356.2765,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arrojó un }
\put(49.3465,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado }
\put(89.3465,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negativo, }
\put(129.6265,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque el }
\put(171.2965,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}primero }
\put(206.2965,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no supera al }
\put(259.6365,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}segundo; esto se da porque en el }
\put(49.3465,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis }
\put(82.96649,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(98.80649,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}balance }
\put(132.9665,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}general, }
\put(168.5165,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el activo }
\put(207.4165,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corriente }
\put(246.5765,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representa }
\put(291.2865,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 40,49 \% y los pasivos }
\put(49.3465,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corrientes }
\put(92.7465,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es 59,51\%, es decir}
\put(174.2365,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, el }
\put(191.8965,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel }
\put(215.8665,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no puede }
\put(257.6865,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cubrir }
\put(285.5365,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus obligaciones }
\put(356.7965,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de forma }
\put(49.3465,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inmediata utilizando el total del activo corriente. }
\put(49.3465,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Indicador de endeudamiento}
\put(49.3465,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Apalancamiento: }
\put(130.1765,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(135.0465,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Reflejando }
\put(183.2365,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
\put(198.1065,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}índice }
\put(227.4065,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(241.7165,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0,65, }
\put(266.5865,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es }
\put(279.7865,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir}
\put(299.3765,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(306.7465,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más }
\put(327.7265,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(342.0365,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(354.1265,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mitad }
\put(381.7665,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(49.3465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}patrimonio }
\put(95.9565,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está }
\put(114.2365,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiado. }
\put(161.1265,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Esto }
\put(181.6365,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(192.6965,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}da }
\put(204.8665,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque }
\put(235.3665,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(245.3165,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hotel }
\put(268.0465,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene }
\put(290.2165,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más }
\put(309.0565,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deudas }
\put(339.5565,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(346.7265,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lar}
\put(357.0965,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go }
\put(369.8265,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plazo, }
\put(49.3465,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sin embar}
\put(88.32649,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, puede cubrirlas con los activos no corrientes. }
\put(49.3465,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Nivel }
\put(82.26649,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(94.75649,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endeudamiento: }
\put(161.6765,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obteniendo }
\put(211.3865,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como }
\put(236.6565,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado }
\put(276.3665,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un 0,40. Es favorable }
\put(366.3265,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque }
\put(49.3465,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menos de la mitad está financiado en base a los activos totales. }
\put(49.3465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Indicador de rentabilidad}
\put(49.3465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ROS: }
\put(81.76649,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Se analizó que el 40\% de todas las actividades }
\put(272.6865,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del hotel}
\put(307.4465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} aportan en el total de }
\put(49.3465,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ingresos brutos.}
\put(49.3465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ROE: Se determinó }
\put(139.4765,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que el 4\% les corresponden a los accioni}
\put(305.7865,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}stas. Es un porcentaje }
\put(49.3465,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bajo porque el patrimonio es mucho más elevado que lo que genera el hotel.}
\put(49.3465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ROA: Resulta}
\put(115.8965,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}do que manife}
\put(178.1265,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}stó que el 3\% lo genera la utilidad}
\put(332.0665,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. Es igual que }
\put(49.3465,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(61.0965,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indica}
\put(85.5365,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dor }
\put(103.3965,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}anterior}
\put(134.0965,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(141.1265,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con }
\put(160.0965,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(171.8465,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferencia }
\put(216.3465,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(230.3165,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son los }
\put(264.9365,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos }
\put(297.7865,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mucho }
\put(329.5365,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayores }
\put(367.9465,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(386.9165,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(49.3465,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rentabilidad que genera el hotel en base a sus actividades. }
\put(49.3465,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Indicador de actividad}
\put(49.3465,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rotaci}
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\put(152.0546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia }
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\put(237.7146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Compañías}
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\put(329.0146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mostraron }
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\put(202.6446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene }
\put(225.0946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poca }
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\put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}patrimonio }
\put(70.1946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que es  lo que lo sostiene en el mercado turístico. }
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\put(273.9646,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}odo este proceso facilitó }
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\put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debidas }
\put(56.2946,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recomendaciones }
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\put(140.3146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}patrimonio }
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\put(363.3646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(371.2446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}promocionar }
\put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más la empresa hotelera para que las ventas incrementen y así mejorar su liquidez.}
\put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}REFERENCIAS BIBLIOGRÁFICAS}
\put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Arturo K. (3 de septiembre }
\put(134.1646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 2019). CreceNegocios. }
\put(240.4046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido de https://www}
\put(340.7846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.crecenegocios.com/}
\put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ratios-financieros/}
\put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Aular}
\put(46.2046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(51.5346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. }
\put(65.7546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(5 }
\put(76.9146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(89.1846,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}septiembre }
\put(135.8846,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(148.1546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018). }
\put(176.8146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gestiopolis. }
\put(227.7046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido }
\put(267.7446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(280.0146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Presentación }
\put(333.9346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(346.2046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estados }
\put(378.4746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros }
\put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}según }
\put(53.5146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las }
\put(70.9746,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}NIIF }
\put(96.7646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(120.3246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pymes.: }
\put(158.6246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www}
\put(207.4246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.gestiopolis.com/presentacion-de-estados-financieros-}
\put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}segun-las-niif-para-pymes/}
\put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Brigham, }
\put(64.2646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}E., \& Houston, J. (2006). Fundamentos de }
\put(238.3846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Administración }
\put(303.5346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Financiera. }
\put(351.1746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}México: }
\put(387.4346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cengage }
\put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Learning Editores.}
\put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Castro, J. (18 de febrero de 2015). Blog Corponet. Obtenido de https://blog.corponet.com.mx/que-}
\put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es-el-estado-de-resultados-y-cuales-son-sus-objetivos}
\put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cruz , }
\put(53.9946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V}
\put(59.9346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (17 de julio de 2009). Contabilidad }
\put(219.8846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(228.5346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Auditoría a lo }
\put(291.5146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V}
\put(298.1446,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}idal Cruz. Obtenido de http://}
\put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}contabilidadalovidalcruz.blogspot.com/2009/07/3-el-balance-general-concepto.html}
\put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Diario.ec, E. (15 de Septiembre}
\put(152.2746,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} de 2017). Balandra, entre los mejores hoteles del mundo. El hotel }
\put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Balandra }
\put(62.1746,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(73.8646,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Manta }
\put(101.6646,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está }
\put(119.4646,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nominad}
\put(154.4646,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o entre }
\put(183.9546,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más }
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\put(214.0046,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2 mil }
\put(236.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hoteles }
\put(267.4146,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inte}
\put(282.4146,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rnacionales }
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\put(359.1246,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}premio }
\put(389.7046,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mundial }
\put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W}
\put(32.4746,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}orld Luxury Hotel }
\put(112.0546,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A}
\put(118.3646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}wards }
\put(146.3646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017., pág. 1. Obtenido de http://www}
\put(307.9746,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.eldiario.ec/noticias-manabi-}
\put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuador/447801-balandra-entre-los-mejores-hoteles-del-mundo/}
\put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(34.6446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Comercio. }
\put(78.5046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(21 de abril }
\put(125.3646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 2016). Sociedad }
\put(203.0546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Hoteleros }
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\put(294.0446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se reúne }
\put(328.4246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta }
\put(345.8946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}noche }
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\put(390.8246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}analizar }
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\put(33.0946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afectación }
\put(76.2146,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al }
\put(85.4746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector}
\put(108.8046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. pág. }
\put(132.3246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1. Obtenido }
\put(181.1246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(192.6046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www}
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\put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gitman, L., \& Chad, J. (2012). Principios de }
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