In order to answer the questions below, you will need to locate Smucker's Income Statement, Balance Sheet and Statement of Cash Flows in the annual report.Since Smucker's owns many subsidiaries, these reports will have the term "Consolidated" in the title to signify that the operations of the subsidiaries have been added into the statements. Round answers (both numbers and percents) to 1 decimal place.(Example: 5.9 or 12.3%)

1. What are the dates of Smucker's fiscal year?

2.Using horizontal analysis, compute Smucker's percentage change in net sales from 2018 to 2019. Was this a positive or negative trend compared to the prior year's percentage change in net sales?

3.What was Smucker's 2019 profit margin?Was this an improvement over the company's 2018 profit margin?

4.What was Smucker's times-interest-earned ratio for 2019?Did the company improve its ability to pay interest on its long term debt in 2019 when compared to 2018?

5.What was Smucker's return on total assets for 2019?

6.What was Smucker's debt ratio for 2019?

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?

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?

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?