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What is the correct amount of liabilities

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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?

Reference no: EM132680838

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