The amount of underapplied overhead cost for the year is $10,400. The cost of goods manufactured is $575,900.
What is overhead?Costs associated with running a business that are not directly tied to the creation of goods or services but are nevertheless necessary. Rent, utilities, insurance, legal fees, office supplies, advertising, payroll, and accounting fees are a few examples of overhead expenses.
The given information-
Manufacturing overhead costs incurred:
Indirect materials $15,100 Indirect labor $131,000
Property taxes, factory $8,100
Utilities, factory $71,000
Depreciation, factory $269,100
Insurance, factory $10,100
Total actual manufacturing overhead costs incurred $ 504,400
The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs.
A total of 19,800 machine-hours were used during the year.
1. Allocation of overhead is computed as follows:
= overhead rate × actual hours
= 26× 19,800
= $514,800
Over/under allocation=Actual overhead - allocated overhead
= 504,400 - 514,800
= 10,400 under allocated.
2.Cost of goods manufactured= beginning work in process + direct materials + direct labor + allocated overhead - ending work in process
= 40100 + (20100 + 40100 - 30100) + 61000 + 514800 - 70100
= $575,900
Therefore, the overhead is underapplied by $10,400 and the cost of manufacturing overhead is $575,900.
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given the following demand and supply tables, calculate and draw the market demand and market supply curves, and label equilibrium price and quantity. when the price is $30, what is the excess demand? when the price is $60, what is the excess supply?
The equilibrium price is determined by equilibrating the supply and demand functions, then solving for the price.
How supply and demand curves determine a market's equilibrium price and equilibrium quantity?The price at which the quantity of supply and demand is balanced is known as the equilibrium price. It is established by where the demand and supply curves cross. There is a surplus when there is more supply of an item or service than there is demand for it at the going rate; this forces the price down.
In economics, the equilibrium price is determined by equilibrating the supply and demand functions, then solving for the price.
The equilibrium price and quantity change exists the supply or demand curves change. Demand growth raises the equilibrium price and quantity. The equilibrium price and quantity both fall as demand declines. Equilibrium price declines and quantity rises as supply grows.
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Which HR role can create conflicts with line managers because of differences in opinion about how to manage employees?
A. Strategic role
B. Administrative role
C. Operational and employee advocate role
Option C is correct. HR roles that can cause conflict with managers due to disagreements about how employees should be managed are those of operations and employee representation.
By sending people to classes or recommending helpful books, HR can help them learn the skills they need to handle conflict. Conflicts tend to be emotionally tense when someone chooses to challenge the other person's competence, autonomy, or integrity instead of focusing on the topic at hand.
Line managers should remember that HR has useful resources and information to address issues early and seek them out as needed. For example, HR can assist managers with tools and training to support employee mental health, or provide key insights into team absences. Workplace conflicts are human resource disagreements and behaviors that disrupt work flow, hinder collaboration, and stifle creativity. Whatever the source of these conflicts, they are inevitable.
The HR Professional is responsible for designing and developing her HRM practices within the organization and the Line Manager is responsible for implementing these practices at the operational work level.
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What is a trust Apush definition?
In the context of AP US History (APUSH), trust refers to a type of business organization that became popular in the late 19th and early 20th centuries.
A trust is a legal arrangement in which a group of companies turns over their stock to a board of trustees, who then manage the companies as a single entity. This allows the companies to pool their resources and coordinate their activities, resulting in greater efficiency and profitability.
The rise of trusts was part of a larger trend toward consolidation and centralization in American industry during the Gilded Age. Many trusts became incredibly powerful and wealthy, leading to concerns about their influence over the economy and politics. In response, the federal government passed a series of antitrust laws, such as the Sherman Antitrust Act of 1890, aimed at breaking up or regulating large trusts and monopolies.
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all the uncontrollable forces originating outside the home country that surround and influence the firm are part of the blank environment. multiple choice question. international foreign global transnational
All the uncontrollable forces originating outside the home country that surround and influence the firm are part of the international environment.
What is an international environment?The international environment is the set of external uncontrollable factors that a firm encounters when it engages in international business. These factors may include economic factors such as exchange rates, inflation, and economic growth rates in foreign markets, political factors such as the stability of the host country's government, regulations, and political risks, cultural factors such as language, religion, and social norms, and legal factors such as laws and regulations related to trade and commerce in foreign markets.
For firms engaging in international business, the international environment is an important consideration. Understanding the unique features of each foreign market is crucial to developing successful business strategies. Factors such as differences in consumer preferences, cultural norms, and legal regulations can have a significant impact on a company's success in foreign markets.
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which term refers to the dynamic organization within the individual of those psychophysical systems that determine their unique adjustments to their environment?
Personality refers to the dynamic organization within the individual of those psychophysical systems that determine their unique adjustments to their environment
The term personality refers to a certain combination of several features or characteristics that pertain to an individual's mind, body, emotions, and social life. These traits, characteristics, or attributes subsequently influence how an individual acts, perceives, speaks, feels, and conducts towards their surroundings and other people.
It refers to the dynamic arrangement of the psychophysical systems that determine each individual's particular environmental adaptations. It has started to combine the descriptions and explanations of personality offered by trait theorists and social-cognitive theorists. Therefore, it is a broad phrase that refers to multiple procedures, methods, and adjustments related to the formation and expression of personality.
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which account is debited when a logo is purchased for cash?
When a logo is purchased for cash, the account that is debited will depend on the accounting system that is being used by the business.
In a single-entry accounting system, the account that is debited will typically be an expense account, such as Advertising or Marketing Expenses. This is because the purchase of a logo is considered a cost associated with promoting the business, which is an expense that reduces the net income of the business.
In a double-entry accounting system, two accounts are affected by every transaction. The account that is debited will depend on the account that is being credited. For example, if the logo is purchased using cash, the Cash account will be credited, while the account that is debited will depend on the nature of the logo purchase.
If the logo is considered an intangible asset, then the Intangible Assets account will be debited. If it is considered a marketing expense, then the Marketing Expense account will be debited.
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The liquidity ratio reveals how many months it would take to convert all assets into cash. True or false?
False. The liquidity ratio, additionally called the present day ratio, is a economic ratio that measures a business enterprise's capability to pay off its short-time period liabilities with its current property.
It is calculated by way of dividing the modern property through the current liabilities. The end result is a ratio that indicates how typically the present day belongings ought to cover the present day liabilities.
The liquidity ratio does no longer display what number of months it might take to convert all property into cash. It really measures the company's potential to meet its short-term responsibilities.
The time it might take to transform all property into cash isn't always immediately associated with the liquidity ratio, although it is able to be an vital element in assessing a organisation's standard financial fitness.
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If a company paid $38,000 of its accounts payable in cash, what was the effect on the accounting equation? Multiple Choice Assets would decrease $38,000, liabilities would decrease $38,000, and equity would decrease $38,000. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would increase $38,000. Assets would decrease $38,000, liabilities would decrease $38,000, and equity remains unchanged. There would be no effect on the accounts because the accounts are affected by the same amount. Assets would increase $38,000 and liabilities would decrease $38,000
The answer is Assets would decrease $38,000, liabilities would decrease $38,000, and equity remains unchanged.
In plain English, what is equity?In contrast to equality, the term "equity" denotes fairness and justice: While equality refers to giving everyone the same thing, equity entails realizing that we do not all start from the same place and that disparities must be acknowledged and corrected.
What do equity and example mean?Equity is the ownership of any asset once all liabilities related to the asset have been paid off. For instance, if you owe $10,000 on a car you own worth $25,000, you have $15,000 in equity in the asset. It is the worth or interest of the smallest class of investors in assets.
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what is the after-tax cash flow
The after-tax cash flow is the amount of cash generated by a business or an investment after accounting for all taxes paid on income or gains.
It represents the net income or cash flow available to the owner or investor after taxes have been deducted.
To calculate the after-tax cash flow, one needs to subtract all applicable taxes from the gross income or cash flow generated by the business or investment. This results in the net income or cash flow, which is then available for distribution to the owner or investor as after-tax cash flow.
The calculation of after-tax cash flow is an important consideration for investors and business owners, as it provides a more accurate measure of profitability and return on investment Corporation, taking into account the impact of taxes on their financial results.
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Classify each of the following unemployment situations as either cyclical, frictional, or structural unemployment. Items (7 items) a. Paul lost his job six months ago. His employment counselor at the labor office advises him to retrain. b. Unemployment in Michigan increased as consumer demand for automobiles fell during the Great Recession. c. Michael is temporarily out of work. He quit his job at Citibank to find another job as a financial analyst. d. In 2011, Borders Books filed for bankruptcy, and 19,000 employees lost their jobs. e. A data entry employee lost his job because he was permanently outsourced to India. f. Mary graduated from college with an economics degree. She doesn't have a job yet, but she has six interviews lined up. g. Large numbers of construction workers lost their jobs after the collapse of the housing bubble.
a. Frictional unemployment, b. Cyclical unemployment, c. Frictional unemployment, d. Structural unemployment, e. Structural unemployment, f. Frictional unemployment, g. Cyclical unemployment
What are the different types of unemployment?
Workers who are between jobs or looking for new employment experience frictional unemployment.
b. Economic downturns like the Great Recession or shifts in the business cycle are to blame for cyclical unemployment.
d. Workers who are between jobs or looking for new employment experience frictional unemployment.
When there is a mismatch between the abilities of the available employees and the skills required for available occupations, structural unemployment takes place.
f. When jobs are outsourced or permanently lost, structural unemployment results.
g. Workers who are between jobs or looking for a new job may experience frictional unemployment.
h. Economic downturns or changes in the business cycle, such as the burst of the housing bubble, which reduced the number of construction jobs, are to blame for cyclical unemployment.
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A report telling how well all approved vendors have performed in the prior 12months is information that is MOST needed in which business process?
An expense cycle document called a receiving report is used to track the delivery of products from suppliers. Based on the items received and noted on the receiving report, businesses pay their suppliers.
In order to authorize payment for a purchase that needs a purchase order or a transaction under $250.00 that doesn't, a receiving report is an additional document that is necessary.
A receiving report is significant since it is essential to the efficient operation of a firm. It will be simpler for departments to communicate when there is a streamlined recordkeeping procedure in place for receiving reports. Also, it will avoid delays in the reconciliation of missing products, returned goods, or payables to partners in company.
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If enforcement is aimed at buyers of an illegal good, the result will be an increase in the short-run supply of the good. a decrease in the short-run supply of the good. a decrease in demand for the good. an increase in the price of the good.
If enforcement is aimed at buyers of an illegal good , then the result will be a decrease in the demand for the good , the correct option is (c) .
Enforcement aimed at buyers of an illegal good can take many forms, such as fines or imprisonment. The purpose of this enforcement is to discourage individuals from purchasing or consuming the illegal good.
When the buyers are deterred from purchasing the illegal good, the demand for the good decreases. This can lead to a decrease in the short-run supply of the good, as suppliers may be less willing to produce and sell the good when there is less demand for it.
Therefore, the correct answer is (c) a decrease in demand for the good.
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The given question is incomplete , the complete question is
If enforcement is aimed at buyers of an illegal good, the result will be
(a) an increase in the short-run supply of the good.
(b) a decrease in the short-run supply of the good.
(c) a decrease in demand for the good.
(d) an increase in the price of the good.
employees have a legal responsibility to notify their supervisor when ill (T/F)
It is true that the law requires employees to notify their superiors if they become ill.
Under the Factories Act 1948, all workers, regardless of the nature of their work, are entitled to basic health and safety rights at work as part of a healthy and viable working environment. I have. Employers are responsible for the basic welfare of their employees.
Your most important tasks as an employee are:
Take good care of your own health and safety. If possible, do not wear jewelry or loose clothing when operating the machine. If you have long hair or are wearing a headscarf, please do not get in the way as they may get caught in the machine.
In general, a person is responsible for his own wrongdoings and has no obligations for the work of others. If an employee commits an illegal act in the performance of his or her duties, the employer is liable for this illegal act.
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a company has net working capital of $869. long-term debt is $4,456, total assets are $6,705, and fixed assets are $4,326. what is the amount of total liabilities?
A company is a legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise.
What is the meaning of Company?A company is a legal body created by a group of people to conduct and manage a business enterprise, whether it be commercial or industrial. Depending on the corporate legislation of its jurisdiction, a corporation may be set up in a variety of ways for tax and financial liability reasons.
A corporate structure that is distinct from its owners legally is a company. Due to additional reporting requirements as well as higher-level legal obligations, the business structure is more complex and has greater setup and administrative costs.
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Which two of the following would be private restrictions on property rights?
A. taxation and police power
B. easement and eminent domain
C. escheat and easement
D. deed restriction and mechanic's lien
Option d: deed restriction and mechanic's lien are the two of the following would be private restrictions on property rights.
Property rights defines the theoretical and legal ownership of resources and how they are used/utilized. These resources are both tangible and intangible and can be owned by individuals, businesses, and governments.
In many countries, including the United States, individuals commonly exercise private property rights, or the right of individuals to collect, retain, delegate, rent, or sell their property.
In economics, property rights form the basis of all market exchanges, and the distribution of property rights in society affects the efficiency of resource use.
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some organizational culture characteristics make project success more likely. these characteristics include all of the following except: group of answer choices lack of appreciation for project management. collaboration to meet organizational goals. engagement of stakeholders. teamwork across cultures.
The organizational culture characteristic that does not make project success more likely is "lack of appreciation for project management".
In this case option A is correct
In fact, a lack of appreciation for project management can hinder project success by creating an environment where project managers and teams are not given the necessary resources and support to effectively manage projects.
On the other hand, the other characteristics listed - collaboration to meet organizational goals, engagement of stakeholders, and teamwork across cultures - can all contribute to project success by fostering a positive and supportive organizational culture that encourages effective project management and teamwork.
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how did the smoot-hawley act divert consumer demand away from foreign products? multiple choice it decreased the overall wage rate. it implemented a wall of tariffs. it extended transportation times and delayed shipments from overseas. it increased subsidies to foreign agricultural producers. it advocated for 50 percent of a product to be made domestically.
The smoot-hawley act diverts consumer demand away from foreign products as it implemented a wall of tariffs. Thus, option B is correct.
What is consumer demand?A socioeconomic indicator of a company's desire for such a service or item that is supplied is called consumer demand.
The Smoot-Hawley Act increased tariffs in an effort to safeguard jobs and shift consumer demand toward form imports. This was adopted to increase tariffs on some imported products in order to protect American farmers from international tournaments. It also served as a safeguard against foreign manufacturers for other sectors.
Therefore, option B is the correct option.
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Carbon Monoxide Poisoning: (Please bullet or number your answers.)
All gas-powered vehicles produce carbon monoxide. Carbon monoxide is a deadly, odorless gas that is released from the exhaust pipe of vehicles.
What are two (2) ways you can prevent carbon monoxide poisoning with gas-powered vehicles?
if income remains the same, but both the price of lottery tickets and train tickets increase, then what will happen to the budget constraint?
If income remains constant but the cost of both lottery tickets and train tickets rises, the budget restriction will move to include both endpoints.
What exactly is a financial constraint?A person's budget is the upper limit of the opportunity set, which includes all possible combinations of consumption that they are able to sustain in light of the prices of goods and their level of income.
What occurs to the budget line as the costs of both decrease?when any of the following takes place: a decrease or increase in the price of one or both items while keeping the nominal income constant (budget). a shift in the nominal income level without a corresponding shift in the relative costs of the two products.
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What are the slowest months for home sales?
In comparison to the two slowest periods of year, October as well as December, sellers can make several hundred dollars more if you sell during the high months of May, early June, and July.
Which months see the lowest real estate prices?Winter is often the season with the lowest home prices. In fact, the average cost of a home of $354,300 in January 2022 marked the lowest point in home prices for the preceding 12 month period.
Which month is ideal for property purchases?Early winter and the fall. In comparison to the spring purchasing season, a new report claims that "buyers who complete on their home around October will receive the best price. Buyers can anticipate paying a 3.3% premium in the first solid month of the fall.
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What countries have historically been the largest recipients of inward FDI?
The historically largest recipients of inward FDI have been the United States, the United Kingdom, France, China, and Germany. Other notable countries have included India, Australia, Canada, Brazil, and Mexico.
Foreign direct investment (FDI) is an investment made by a company or individual in one country into a business or company based in another country.
FDI can take the form of opening a subsidiary or associate company in a foreign country, acquiring shares of a foreign company, expanding existing operations of a foreign company, or making other forms of investment in a foreign company.
Generally, FDI involves cross-border transactions of more than a certain monetary value, typically a certain percentage of the total investment. FDI can be a powerful driver of economic growth, as it brings in capital, technology, and jobs from abroad.
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the success of the multidivisional structure as an organizational form was because:
The multidivisional structure as an organizational form was successful because of several reasons like efficient resource allocation, focus on core competencies & decentralized decision making.
Efficient Resource Allocation: The multidivisional structure allows for efficient allocation of resources. By dividing the organization into smaller units or divisions, resources can be allocated more efficiently to each division based on their specific needs and priorities.
Focus on Core Competencies: The multidivisional structure allows each division to focus on its core competencies or specific areas of expertise. This enables the organization to excel in each area of its operations, leading to increased competitiveness and profitability.
Decentralized Decision Making: In the multidivisional structure, decision-making is decentralized. Each division has its own management team, which has the authority to make decisions regarding its operations. This allows for faster decision-making and greater flexibility in responding to changes in the market.
Better Accountability: The multidivisional structure creates greater accountability by holding each division responsible for its own performance. This allows the organization to identify areas of weakness and take corrective action.
Improved Coordination: The multidivisional structure allows for better coordination between different units or divisions within the organization. This is because each division has a clear understanding of its role and responsibilities, and works in tandem with other divisions to achieve the overall objectives of the organization.
Overall, the multidivisional structure has been successful because it provides a framework for efficient resource allocation, focused expertise, decentralized decision-making, greater accountability, and improved coordination, which enables the organization to adapt to changing market conditions and remain competitive over the long term.
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leasing a car is a method of financing where someone __________________.
Similar to a long-term rental, leasing a car. In most cases, you'll get to use an automobile for a number of years in exchange for an upfront deposit and monthly payments.
What does lease financing mean?The definition of Lease Financing A lease finance agreement is a legal arrangement in which the asset's owner offers the user of the asset the right to use the item in exchange for a regular payment.
What kind of lease is a car on?When you lease an automobile, you don't actually own it. Instead, you pay a fee to utilize it for that time. Depending on your options, you can either buy the automobile outright or extend your lease. You possess the car outright if you finance it.
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Tariff is a​ _____ imposed on a good when it is​ _____.
a. tax;imported
b. imported;tax
c. imported;export
d. export;imported
The correct answer is a. Tariff is a tax imposed on a good when it is imported. A tariff is a tax levied by a government on imported goods, usually as a way of protecting domestic industries and generating revenue.
The purpose of a tariff is to make imported goods more expensive, thus giving domestic producers a price advantage and making them more competitive. Tariffs are a form of trade barrier, and are often used in conjunction with other protectionist measures such as quotas and subsidies.
When a good is imported, it is subject to a customs duty or tariff, which is paid by the importer at the point of entry into the importing country. The tariff may be ad valorem, meaning that it is based on a percentage of the value of the imported goods, or it may be specific, meaning that it is a fixed amount per unit of the imported goods.
Tariffs can have both positive and negative effects on the economy. While they may protect domestic industries from foreign competition, they can also lead to higher prices for consumers and reduced efficiency in the economy. In addition, tariffs can trigger retaliatory measures from other countries, leading to a trade war and further harm to the global economy.
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A lot contains .56 acres. It sells for $35000. How much did it sell for per square foot?
A. $.97
B. $1.12
C. $1.32
D. $1.43
The answer is D. $1.43 To find the price per square foot of the lot, we need to first convert the area of the lot from acres to square feet.
Since 1 acre is equal to 43,560 square feet, we can calculate the area of the lot in square feet as follows: 0.56 acres x 43,560 square feet/acre = 24,422.4 square feet
Next, we can calculate the price per square foot by dividing the total sale price of $35,000 by the area of the lot in square feet: $35,000 / 24,422.4 square feet = $1.43 per square foot
The lot sold for $1.43 per square foot, which is the price per unit area of the lot. This calculation can be useful in comparing the price of the lot with other properties that have different areas or to estimate the value of other properties based on their price per square foot.
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Suppose that the world price of copper is $4 a pound. Poland does not trade internationally, and the equilibrium price of copper in Poland is $3 a pound.Poland then begins to trade internationally.(i) The price of copper in Poland _____.The quantity of copper produced in Poland _____.A. falls; decreasesB. rises; increasesC. falls; increasesD. rises; decreases(ii) The quantity of copper bought by Poland _____.Poland _____ copper.A. decreases, exportsB. increases; exportsC. increases; importsD. decreases; imports
Option c: the price of copper in Poland falls. the quantity/amount of copper produced in Poland increases.
Assuming a world price of $4 per pound for copper, Poland is not traded internationally and the equilibrium copper price in Poland is $3 per pound. Then Poland will start international trade. Copper prices in Poland are rising. The amount of copper produced in Poland is increasing.
The market clearing price, also known as the equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal. Manufacturers or sellers are free to move as many units as they want, and customers are free to access as many units as they want.
Assume that Poland is not internationally traded and that the equilibrium price of Polish copper is $3 per pound. The world market price for copper is $4 per pound. Then Poland will start international trade. Polish copper prices are rising. Copper production in Poland increased.
The price at which the supply and demand are equal/same is called the equilibrium price. The equilibrium price is set when the forces of supply and demand are equal, and on the chart the price is set at the intersection of the two forces of supply and demand.
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Complete question:
Suppose that the world price of copper is $4 a pound, poland does not trade internationally, and the equilibrium price of copper in poland is $3 a pound. poland then begins to trade internationally. the price of copper in poland ______. the quantity of copper produced in poland ______.
A rises; decreases B. falls; decreases c. falls; increases D. rises, increases
34. 30 detik1 ptQ. Which of these best describes prices in a market economy? a signal for consumers to purchase lessa signal for producers to manufacture less a set of compromises between buyers and sellers a set of compromises between the government and citizens
Best describes prices in a market economy is a set of compromises between buyers and sellers.
The market price is the price at which a good or service can be purchased or sold at the moment. The dynamics of supply and demand influence the market price of a good or service. The market price is the cost at which the quantity supplied and the amount demanded are equal.
The market price is used to calculate consumer and economic surplus. The difference between the highest price a customer is prepared to pay and the actual price they pay for the good is known as the consumer surplus, also referred to as the market price. Economic surplus is a term that refers to two connected ideas: consumer surplus and producer surplus. The amount that producers earn when they sell their products at the going rate is known as producer surplus, also referred to as profit.
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what are the risks and benefits of partnerships and franchises
The advantages and disadvantages of partnerships and franchises include lower responsibility, ease of starting a business, and the potential for profit, yet at least one partner has limitless liability.
A partnership is a sort of business where two or more people sign a legal agreement to share ownership, split management responsibilities, and split the organization's revenues and losses.A partnership is a contract between a few people to oversee a company's operations and allocate its assets and liabilities. Assets and liabilities are distributed equally across all partners in a partnership agreement corporation. Limited liability partnerships are regularly formed by lawyers and other professionals. Limited liability partnerships (LLPs) are a popular business structure for experts like accountants, lawyers, and architects.
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the infant industry argument relies on an assumption that firms can make efficient long-term investments by borrowing money from the domestic or international capital market. (True or False)
FALSE: The infant industry argument is predicated on the notion that businesses are unable to borrow money from either the domestic or global financial markets in order to make effective long-term investments is a incorrect statement.
Explain about the international capital market?The term "international capital market" refers to the marketplace where citizens of many nations transact in assets.
The international capital market, which hosts asset exchanges with some degree of worldwide scope, is actually a collection of intricately interwoven marketplaces rather than a single market. The foreign capital market serves a variety of functions. First of all, they offer a network of organizations made up of governments and businesses that venture and borrow to advance trade across national boundaries. Additionally, it brings together borrowers and lenders on multiple capital markets.The infant industry argument is predicated on the notion that businesses are unable to borrow money from either the domestic or global financial markets in order to make effective long-term investments.
As a result, long-term investments have to be subsidized by governments.
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a corporation can incur liabilities but cannot own propertyTrue/False
False. A corporation can incur liabilities but cannot own property, statement is incorrect.
A legal entity is a separate and independent legal entity from its owner. Under the law, corporations have many of the same rights and responsibilities as/other individuals. They can enter into contracts, lend and borrow money, sue and be sued, hire employees, own property, and pay taxes.
The exact legal definition of a legal entity varies by jurisdiction, but the most important characteristic of a legal entity is always limited liability. This means that shareholders can participate in profits through dividends and increased share value, but are not personally liable for the company's debts.
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