XYZ Medical Center provides healthcare services. Financial transactions for 2023 are detailed below:

Transactions (in $ millions)	Amount
Patient Service Revenue	150.0
Accounts Receivable Collected	20.0
Cash Payments (Operating Costs)	100.0
Accounts Payable Paid	15.0
Depreciation Expense	10.0

Requirements:

• Prepare XYZ Medical Center's income statement for 2023 using the modified cash basis.
• Calculate the net income, considering patient service revenue, collections from accounts receivable, and cash payments.
• Discuss the treatment of depreciation expense and payments to accounts payable under the modified cash basis.
• Analyze the impact of including accounts receivable collected on financial reporting.
• Evaluate XYZ Medical Center's financial performance and suggest improvements in cash flow management.