The financial statements of Hilton are presented in the Appendix at the end of this textbook. LO8 Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.

(a) What were Hilton’s total current assets at December 31, 2001, and December 31, 2000?

(b) Are assets that Hilton’s included under current assets listed in proper order? Explain.

(c) How are Hilton’s assets classified?

(d) What are “cash equivalents”?

(e) What were Hilton’s total current liabilities at December 31, 2001, and December 31, 2000?

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