ABC Property Management oversees rental properties. Financial transactions for 2023 are detailed below:

Transactions (in $ millions)	Amount
Rent Revenue	20.0
Accounts Receivable Collected	5.0
Cash Payments (Maintenance)	8.0
Accounts Payable Paid	3.0
Property Taxes	2.5

Requirements:

• Prepare ABC Property Management's income statement for 2023 using the modified cash basis.
• Calculate the net income, considering rent revenue, collections from accounts receivable, and cash payments.
• Discuss the treatment of property taxes and payments to accounts payable under the modified cash basis.
• Analyze the impact of including accounts receivable collected on financial reporting.
• Recommend strategies to improve cash flow management in property maintenance.