Question：William's trial balance at 30 September 20X5 includes the following balances:
　　Trade receivables $75,943
　　Receivables allowance $4,751
　　How should these balances be reported in William's statement of financial position as at 30 September 20X5?
　　A. An asset of $75,943 and a liability of $4,751
　　B. A liability of $75,943 and an asset of $4,751
　　C. A liability of $71,192
　　D. An asset of $71,192
　　The correct answer is: An asset of $71,192.
　　The receivables allowance is deducted from trade receivables and the net figure of $71,192 ($75,943 - $4,751) is reported in the statement of financial position.