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The IRS audits Kiara's current-year individual return and determines that, among other errors, she negligently did not report dividend income of $10,000. The deficiency with respect to the dividends is $2,800. The IRS argues for an additional $12,000 deficiency for various other errors that do not involve negligence. What is Kiara's negligence penalty for the $14,800 in deficiencies?
Accounts Receivable
Receivables from customers for goods or services that have been furnished but remain unpaid.
Net Cash
The amount of cash remaining after all cash outflows are subtracted from total cash inflows, indicating a company's liquidity position.
Indirect Method
A method used in cash flow statements to adjust net income for transactions that do not involve cash, providing a view of cash flow from operating activities.
Direct Method
A cost allocation method that assigns service department costs directly to production departments without recognizing services provided between service departments.
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