Can you help me understand this Accounting question?
Using the Super-T approach discussed in class, prepare an income statement and balance sheet for presentation to UFP’s shareholders’ and bankers following generally accepted accounting principles (follow the GAAP principles which have been covered in the course to date and are common between IFRS and U.S. GAAP). If there is something that you believe is unclear, write a note to the financial statements explaining how you decided to record the answer. Please note that this is a team assignment and there is no single correct answer.
Also prepare a basic cash flow statement following the “direct” approach. An example of that form of Statement of Cash Flows is included in the solutions to the Good Vibrations, Inc. exercise we did in class. Later in the course, we will learn how to put together a cash flow statement using the “indirect” (i.e., reconciliation) approach. Classify each entry as being operating, financing or investing and use these classifications to construct the cash flow statement.
please see attached the questions . Thank you