Discussion Case Financial Statement Analysis - Part III The following case involves financial analysis of Activision Blizzard, Inc. ("Activision" or "the Company"). Activision has its corporate headquarters in California, it is listed on the NASDAQ, and it is a worldwide publisher of online, personal computer, video game console, handheld, mobile and tablet games. This case involves the analysis of Activision's business strategy, accounting policy and financial performance. Required: Address the following questions based on your evaluation of the Form 10-Ks for Activision for the five years ended December 31, 2020. Begin your analysis with the spreadsheet posted online containing the raw data associated with the financial statement information (file entitled "Discussion Case - FSA (data)"). Liquidity Risks Evaluate Activision's liquidity risk. As part of your evaluation, calculate the following ratios for the five years ended December 31, 2020 and state your conclusion regarding what each ratio indicates about Activision's liquidity risk. - Ability of cash flow from operations to cover current debt and dividends - Free cash flow - Current ratio - Quick ratio Identify other financial resources at the Company's disposal at December 31, 2020 and indicate the relevance of these resources to the Company's liquidity. Solvency Risks Evaluate Activision's solvency risk. As part of your evaluation, calculate the following ratios for the five years ended December 31, 2020 and state your conclusion regarding what each ratio indicates about Activision's solvency risk. - Total debt to equity - Financing debt to equity - Long-term ability of cash flow from operations to cover debt and dividends Identify other obligations facing the Company at December 31, 2020 (including financial obligations not reflected on the balance sheet, the timing of debt payments, debt covenants, stock repurchase plans, dividend payment plans, etc.).