You are working as an accountant in a local accounting firm. You have been approached by John and Jane, the owners of Gumm Drops, a start-up wholesaler. They have chosen Xero as their cloud based accounting system and have employed you to set up their company in Xero and enter the first months transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the start up of their business. All information has been supplied by the business owner for you to input. The set up and transactional data will be provided in Interact Resources. Task requirements: Process your clients' transactions for February 2019. Generate and submit the following reports to your client for the month of February 2019; Profit & Loss Balance Sheet Trial Balance Aged Payables (detail) Aged Receivables (detail) Inventory Item Summary. Part B, 3 marks (maximum of 500 words) When reporting to clients, you need to ensure that the information you provide to them facilitates their decision making and therefore adds value to them. For example, the Aged Receivables (detail) report you generated in Part A will allow John and Jane to review not only the total amounts owing to them from customers, but to ascertain which customers owe them money, how long the receivable has been outstanding for and what it relates to. This aids them in making decisions such as: Do we need to change the credit limit extended to a customer? Are our processes for collecting cash effective? As Gumm Drops is a new business, both John and Jane have limited experience in using financial statements in decision making. Review the other 5 reports you have generated for your client in part A of this assessment and prepare a short report addressing the following for each report: How does each report facilitate John and Janes management of the business? What specific management decisions could they make from each of these reports.