How may debt levels have magnified corporate financial difficulties going into the financial crisis brought on by the COVID-19 pandemic?

Life is a balancing act, not just for individuals, but for corporations as well. Consider
how firms balance their need for financial flexibility and taking on too much debt. The
accounting term financial flexibility is used to describe a company's ability to react to
unexpected expenses and investment opportunities. Financial flexibility is usually assessed by
examining the company's use of leverage as well as cash holdings.
The first article is from September of 2019 (A time to worry about corporate debt) and
the second is from June of 2020 (Cash remains king as companies close a dismal second
quarter). After reading both articles, discuss each of the following:

1) How may debt levels have magnified corporate financial difficulties going into
the financial crisis brought on by the COVID-19 pandemic?
2) What’s more important during a financial crisis such as we have been in since the
spring of 2020, lower debt or higher cash (financial flexibility)? Or, is it maybe a
case of “it depends?” In other words, does the answer differ based on a
company’s line of business or size (or other factors)?

Double-spaced, Times New Roman, 12 point font size, 250 words minimum per question, at
least 1 external source (but no more than 5).

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