Reference no: EM132680838
Problem - The following information pertains to Island company on December 31, 2017:
Overdraft with First Bank $5,000
Accounts payable 150,000
Dividends in arrears-Preference share 20,000
Share dividend payable 45,000
Accrued expenses 10,000
Mortgage payable-due December 31, 2022 100,000
Customers' deposits 15,000
Reserve for contingencies 25,000
Total liabilities $370,000
Required - What is the correct amount of liabilities for accounting purposes on December 31, 2017?