ABC Restaurants operate a chain of eateries. Financial transactions for 2023 are as follows:

Transactions (in $ millions)	Amount
Cash Sales	200.0
Credit Sales	80.0
Cash Payments	150.0
Accounts Receivable	60.0
Food Supplies Purchases	100.0
Estimated Food Waste	15.0

Requirements:

• Prepare ABC Restaurants' income statement for 2023 using the modified cash basis.
• Calculate net income considering the conservatism principle.
• Discuss the impact of estimated food waste on financial statements.
• Analyze the treatment of accounts receivable and food supplies purchases under the conservatism principle.