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$7.$ What was Smucker$$s current ratio for $2019?$ Did the company$$s ability to pay its current liabilities improve in $2019$ when compared to $2018?$

$8.$ Compute Smucker$$s days sales in inventory for $2019.$ Based on this ratio, is the company improving on the management of its inventory from $2018$ to $2019?($Note: total inventory is the sum of the Raw Materials and Finished Products inventories.$)$

$9.$ Did day$-$to$-$day operations at Smucker$$s result in a positive or a negative cash flow in $2019?$

$10.$ What was Smucker$$s largest use of cash in $2019?$

$11.$ Item $1$ in the Annual Report is a description of Smucker$$s business $($page $2).$ In fiscal year $2019,$ Smucker$$s bought another business $($Ainsworth$).$ How did Smucker$$s get the money to purchase this business?

$12.$ Management$$s Discussion and Analysis $($MD&A$)$ section of the annual report is found on pages $19-33.$ In this section, the management of Smucker$$s provides their explanation of the company$$s financial results. On page $21$ under the section on Operating Income, management explains why Operating Income decreased in $2019$ even though sales increased. According management, what is the primary reason$($s$)$ for the decrease in Operating Income in $2019?$

$13.$ In $2019,$ Smucker$$s Operating Income dropped $11\%,$ but Net Income fell by almost $62\%.$ The income statement shows that drop in Net Income $($which is an after$-$tax amount$)$ occurred because Smucker$$s had a huge tax benefit in $2018$ that did not happen in $2019.$ On pages $21$ & $22$ in the section on Income Taxes, what was the primary reason given for the tax benefit that boosted $2018$ Net Income?

$14.$ The footnotes to Smucker$$s statements follow the consolidated statement of stockholder$$s equity from pages $43$ through $73.$ In footnote $1($on pages $43-48),$ Smucker$$s discloses the accounting policies used by the company. Which inventory method does Smucker$$s use? $($Hint: look for the section on Inventories.$)$

$15.$ According to footnote $1,$ which method is used to depreciate Property, Plant & Equipment?

$16.$ According to footnote $1,$ how much did Smucker$$s spend on advertising in $2019?$

$17.$ Scroll though the footnotes looking at the major headings until you find information on Reportable Segments. Based on the data presented, what is Smucker$$s most profitable business segment?

$18.$ Page $73$ shows data on quarterly dividends. If a shareholder owned one share of Smucker$$s stock for the entire $2019$ fiscal year, what would be the total that shareholder would receive in dividend payments?

$19.$ Page $37$ presents the Independent Auditor$$s report. The accounting firm of Ernst and Young was the group of Certified Public Accountants $($CPAs$)$ that audited Smucker$$s financial statements. Which of the following statements best describes the opinion of the CPAs regarding the financial statements? $(1)$ Smucker$$s financial statements are correct. $(2)$ Smucker$$s financial statements are free from both fraud and errors. $(3)$ Smucker$$s financial statements are correct for transactions based in US currency but cannot be audited for transactions based in foreign currencies. $(4)$ Smucker$$s financial statements fairly present the company$$s financial position and results of operations, at least related to material transactions and events.

$20.$ Page $38$ presents the Report of Management on Responsibility for Financial Reporting. For stock markets to work efficiently, shareholders and other investors must be able to place their trust in the financial statements and other financial reporting of public companies. Who is ultimately responsible for the integrity and accuracy of financial reporting at Smucker$$s$?$

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