XYZ Online Store sells fashion accessories. Financial transactions for 2023 are provided below:

Transactions (in $ millions)	Amount
Cash Sales	80.0
Credit Sales	30.0
Cash Payments	60.0
Accounts Payable Paid	12.0
Marketing Expenses	15.0

Requirements:

• Prepare XYZ Online Store's income statement for 2023 using the modified cash basis.
• Calculate the net income, considering cash sales, credit sales, and cash payments.
• Discuss the treatment of marketing expenses and payments to accounts payable under the modified cash basis.
• Analyze the impact of including credit sales on financial reporting.
• Evaluate XYZ Online Store's liquidity position based on cash transactions.