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Hilton Hotels, 1947 Annual Report
Image 22
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Hilton Hotels Corporation. Hilton Hotels, 1947 Annual Report - Image 22. 1947. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 18, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/857/show/850.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation. (1947). Hilton Hotels, 1947 Annual Report - Image 22. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/857/show/850

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation, Hilton Hotels, 1947 Annual Report - Image 22, 1947, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 18, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/857/show/850.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Hilton Hotels, 1947 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1947
Description Hilton Hotels Annual Report for calendar year 1947.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Conrad N. Hilton Papers
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 22
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_018_022.jpg
Transcript NOTES TO FINANCIAL STATEMENTS BALANCE SHEET (1) BASIS OF CONSOLIDATION Included in the Consolidated Balance Sheet is the wholly-owned subsidiary State—Monroe Equipment Corporation, a non-operating unit which holds title to the furnishings and equipment of the Palmer House, Chicago. The corporation has adopted the policy of non-consolidation of companies which are not wholly owned subsidiaries. Holdings in such companies are carried on the accompanying balance sheet as investments at cost, which cost was $1,033,445.18 greater than' the book value of such investments as shown by the balance sheets of these companies. Such controlled but non* consolidated companies are the Palm Beach Biltmore Company (50%), Mayflower Hotel Corporation (68.75%) and Neil House Company (50%). Holdings in the Bermuda Development Company, Ltd., represent approximately 7% of the capital common stock. At quoted official exchange rates, the par value in dollars at December 31,1947 amounted to $294,410.25 against a cost of $265,832.00. (2) INVENTORIES Inventories of saleable merchandise and operating supplies were ascertained by physical count and were priced at cost, which basis has been consistently followed by the various operating units of the company. Stocks of saleable merchandise representing primarily food and beverages, comprising the major part of the inventories represent normal turnover needs of current business. (3) FIXED ASSETS, DEPRECIATION AND AMORTIZATION ' Fixed asset values and depreciation reserves have been carried over from the predecessor companies. The fixed asset values , represent cost to predecessor companies, plus additions. Depreciation on buildings has been determined according to the straight line method on the basis of an estimated over-all life from date of original construction, ranging from 50 years in the case of the Plaza Hotel of New York, to 40 to 45 years in the case of the Palmer House, the Stevens Hotel and the Town House, to a 30 year life for the Lubbock Hilton Hotel. Leaseholds and improvements are being amortized over the remaining life of the existing leases. Furniture, furnishings and equipment are depreciated on a straight line basis at varying rates by classifications in accordance with the estimated useful life of the respective assets. Expenditures for rehabilitation, alterations and revisions are charged to a special classification and amortized over varying periods of from three to ten years. — Current depreciation rates being applied to cost basis by individual properties appear to be reasonable and adequate and in accordance with industry-wide practice. Operating equipment represents reserve stock inventories of linens, china, glassware and silverware at cost, and, stocks in use shown at net values after deduction of reserves covering estimated depreciation and depletion of such stocks through loss and discard. " • - (4) DUE FROM EMPLOYEES AND OFFICERS FOR STOCK PURCHASES In accordance with the agreement of consolidation 50,000 Shares of Common Stock were reserved for offering to key employees at a price of $17.50 per share, payments therefor to be made in installments over a period not exceeding four(4) years. (Since extended for the period of one (1) year by action of Board of Directors). As of December 31, 1946 a total of 44,342 shares were subscribed for by various employees. Of this total, subscriptions to 5,424 shares were cancelled during the current year, leaving a total of 38,918 shares subscribed for as of December 31, 1947 at a total cost of $681,065.00. Of this amount $265,300.00 has been paid on account, leaving an unpaid balance of $415,765.00 as of the balance sheet date. This unpaid balance is secured by signed purchase agreements of the individual employees. The shares so subscribed have been issued as partially paid shares entitled to dividends only to the extent to which the purchase price therefor has been paid. '22