Your firm has four corporate clients:

Green Go Pty Ltd, which has assets of $11 million, gross operating revenue of $13 million and 50 employees;

Red Rainbow Pty Ltd, which has assets of $16 million, gross operating revenue of $35 million and 70 employees;

Yellow Hello Limited, which has assets of $19 million, gross operating revenue of $15 million and 30 employees; and

Magenta Magic Pty Ltd, which has assets of $12 million, gross operating revenue of $12 million and 100 employees.

Your supervisor is unsure about the reporting requirements of each of these companies. Use your knowledge of Australian company law to advise:

(a) which of these companies must prepare financial reports, and why

(b) what must be contained in these financial reports