Annette Qupee is a senior accountant with Globalx, a shipping and logistics company based in Ontario. She has been tasked with improving the company's monthly financial reporting process. Globalx is required to send monthly financial statements to its bank within 30 days of month end. Presently, the company is averaging 45 days to provide the financial statements to its bank. Annette has been asked by her supervisor, Gurpreet Rahad, to prepare a memo outlining the qualitative characteristics of useful financial statements and how these principles can be applied to Globalx's monthly financial statement close process. Annette has the following document: Appendix, email from Gurpreet Rahad . Complete the task in the Excel Task file. Appendix: Email from Gurpreet Rahad Gurpreet Rahad TO: Annette Qupee Subject: Improvements to the financial statement close process Hi Annette, Thanks for meeting with me earlier this week. As we discussed, Globalx wants to get its monthly financial statement close process down from the current 45 days to 30 days, to comply with our lender's covenants. Here are key areas that have resulted in delays in the past, and the value of those transactions for the past three months. Hopefully this information will help you design a more efficient financial statement close process. Area of concern (delay) May June July Gain/(loss) on investments on marketable securities $52,000 $46,000 $51,000 Insurance claims/settlements (for lost or delayed packages) $2,500 $2,400 $2,600 Globalx's monthly income has remained fairly consistent for the last 24 months, thanks to improvements in how we manage our customer and supplier relationships. In July, we reported net income of $261,000. Thanks for your help with this project