Why is the amount reported on a balance sheet for receivables usually not the same as the

Question:

Why is the amount reported on a for receivables usually not the same as the sum of the amounts that customers and other people who owe the entity money have promised to pay?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...