Question: Blackfly Ltd. had no outstanding current liabilities at the start of year 2007. During the year, the company paid $300,000 in cash for direct labor.

Blackfly Ltd. had no outstanding current liabilities at the start of year 2007. During the year, the company paid $300,000 in cash for direct labor. At the end of the year the company still owed a $2,000 performance bonus to one employee, and $23,000 to another employee. Calculate the amount the company would report as labor expense for 2007 ?

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