2 (30%) The following shows the detailed income statement of Maple Works Sdn Bhd: MAPLE WORKS SDN BHD DETAILED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 REVENUE LESS: COST OF SALES Project cost Transportation GROSS PROFIT ADMINISTRATIVE AND OPERATING 2020 920,000 2019 780,000 598,000 452,400 4,650 1,240 602,650 453,640 317,350 326,360 LESS: EXPENSES Staff costs Directors' remuneration 60,000 60,000 Employee's Provident Fund (EPF) 13,032 11,580 Medical expenses 2,580 1,254 Salary, wages and allowances 108,600 96,500 184,212 169,334 Other operating expenses:- Page 3 of 4 Bank charges 250 180 Depreciation of property, plant and equipment 35,680 35,680 Insurance 7,260 6,485 Office rental 14,400 14,400 License and registration fee 2,720 1,360 Professional fees 6,100 6,100 Road tax and insurance 2,300 2,300 Office expenses 3,590 1,280 Travelling and accommodation 5,720 3,680 Upkeep and maintenance 12,500 9,600 Utilities 1,850 1,720 92,370 82,785 PROFIT BEFORE TAXATION 40,768 74,241 Requirements: a) Perform a horizontal analysis (increase/decrease; percentage change) of Maple Works Sdn. Bhd (please round up to two decimal points only). b) Compare and comment on the financial performance of the company for each year. Suggest for improvements, where necessary