WHITEPEAK CORPORATION Welcome to a Demonstration of A Computer Graded Financial Accounting Simulation to be Used in Conjunction with Kieso and Weygandt’s.

WHITEPEAK CORPORATIONWHITEPEAK CORPORATION

Welcome to a Demonstration of

A Computer Graded Financial Accounting Simulationto be Used in Conjunction with

Kieso and Weygandt’s INTERMEDIATE ACCOUNTING, 9th Edition

Tim M. Lindquist, Ph.D.Associate Professor of AccountingThe University of Northern Iowa

Ron J. Abraham, MBA, CPAAssistant Professor of AccountingThe University of Northern Iowa

Next Next Slide 1 of 35Slide 1 of 35

What this Demonstration Will Show You:What this Demonstration Will Show You:

• What is Whitepeak Corporation?

• Topics Covered in the Whitepeak Simulation.• A Sample End of Chapter Illustration.

• What Makes Whitepeak so Unique?

• A Walk Through Whitepeak:• To Start

• Recording Answers• Grading Answers

• Student SELF-GRADER.

• Instructor MASTER-GRADER.• NEW Network Grader!

• If the Student Still Doesn’t Understand• Tracking Student Progress

• Benefits of Whitepeak.• Wrap Up.


PreviousPrevious

• Setup

What is Whitepeak Corporation?What is Whitepeak Corporation?

Whitepeak is a computerized financial accounting simulation that

• is based on a fictional conglomeratebased on a fictional conglomerate specializing in the ski industry

• gives students practice in the role of professional accountantgives students practice in the role of professional accountant for the Whitepeak conglomerate

• applies conceptsapplies concepts covered in the Intermediate I and II sequence

• covers in 20 modules20 modules:• accounting entries• year-end adjustments• error corrections• preparation and analysis of financial statements

• is tied to chapters in Kieso and Weygandt’s Intermediate tied to chapters in Kieso and Weygandt’s Intermediate AccountingAccounting 9/e. The next screen shows a complete list of topics covered in the Whitepeak simulation.

Next Next Slide 3 of 35Slide 3 of 35PreviousPrevious

Topics Covered in the Whitepeak simulation include:Topics Covered in the Whitepeak simulation include:Module 1Module 1 RECEIVABLESRECEIVABLESModule 2Module 2 INVENTORIES: MOVING-AVERAGEINVENTORIES: MOVING-AVERAGEModule 3Module 3 INVENTORIES: LCM ADJUSTMENT and DOLLAR-VALUE LIFOINVENTORIES: LCM ADJUSTMENT and DOLLAR-VALUE LIFOModule 4Module 4 INTEREST CAPITALIZATIONINTEREST CAPITALIZATIONModule 5Module 5 NON-MONETARY EXCHANGESNON-MONETARY EXCHANGESModule 6Module 6 DEPRECIATIONDEPRECIATIONModule 7Module 7 INTANGIBLES and RESEARCH & DEVELOPMENTINTANGIBLES and RESEARCH & DEVELOPMENTModule 8Module 8 CURRENT LIABILITIESCURRENT LIABILITIESModule 9Module 9 LONG-TERM LIABILITIES (BONDS)LONG-TERM LIABILITIES (BONDS)Module 10Module 10 IMPAIRMENT OF RECEIVABLESIMPAIRMENT OF RECEIVABLESModule 11Module 11 CONTRIBUTED CAPITALCONTRIBUTED CAPITALModule 12Module 12 RETAINED EARNINGSRETAINED EARNINGSModule 13Module 13 STOCK COMPENSATION and EPSSTOCK COMPENSATION and EPSModule 14Module 14 INVESTMENTSINVESTMENTSModule 15Module 15 REVENUE RECOGNITIONREVENUE RECOGNITIONModule 16Module 16 PENSIONSPENSIONSModule 17Module 17 LEASESLEASESModule 18Module 18 ACCOUNTING CHANGESACCOUNTING CHANGESModule 19Module 19 DEFERRED TAXESDEFERRED TAXESModule 20Module 20 FINANCIAL STATEMENT PREPARATIONFINANCIAL STATEMENT PREPARATION

Next Next Slide 4 of 35

PreviousPrevious

A Sample End of Chapter IllustrationA Sample End of Chapter Illustration

Brief sections at the end of chapters in the Kieso and Weygandt Intermediate text introduce the Whitepeak modules. A portion of the fifth module is shown below.

Whitepeak Corporation ModuleSection 5.1

On March 1, 1997 Whitepeak acquired a storage unit structure by giving upcash and a piece of real estate.

Instructions

Record the necessary journal entry to record this exchange.


PreviousPrevious

What Makes Whitepeak so Unique?What Makes Whitepeak so Unique?

SEVERAL THINGS...SEVERAL THINGS...

To Start…..To Start…..

• SLIDING VARIABLESSLIDING VARIABLES in problems:• allow instructors to easily create different question sets• create an unlimited number of unique question sets• enable students to benefit from the synergy of working together

on procedures, but prevents copying of another student’s answers

• ONLINE SOLUTIONS MANUALONLINE SOLUTIONS MANUAL:• allows instructor to call up a detailed solution for each unique

number set• enables the instructor to visualize the solution• can be printed at the instructor’s discretion

Next Next Slide 6 of 35

PreviousPrevious


SEVERAL MORE THINGS...SEVERAL MORE THINGS...

• Choice of student Self-grader on home PC or NETWORK, or Choice of student Self-grader on home PC or NETWORK, or instructor Master Grader:instructor Master Grader:• Self-graders allow students to grade their work on their own

home computer or in your labs at school.• Master-grader provides more detailed feedback from instructor,

in printed form

• ONLINE ELECTRONIC GRADEBOOK:ONLINE ELECTRONIC GRADEBOOK:• grades one module at a time or entire 20 module simulation at

once.• gives instructors flexibility to assign modules out of sequence or

to skip some modules altogether.• automatically records grades for each individual or team

• If graded by instructor in office OR• If graded by student in your labs! Students don’t even

need to come to your office to have their work recorded!


PreviousPrevious


FINALLY….FINALLY….

• STUDENT SETUP PROGRAM:STUDENT SETUP PROGRAM:• at your discretion, students can setup their own disks in your

labs. • this establishes the unique question set for each student

• of course, if you wish, you can still maintain control over this feature by doing it yourself on your own computer


PreviousPrevious

A Walk Through WhitepeakA Walk Through Whitepeak

To Start...

• IN ANY GIVEN CLASS:IN ANY GIVEN CLASS:• students can have the same question sets, work in teams, or each

student in class can have a unique question set, depending upon the number of setup codes used

• a setup code, initialized by the student or instructor, randomizes sliding variables in each simulation’s narrative

• each student or team works with the same basic question, but with subtle differences

• correct solutions are generated for each question set

For instance, the next screen shows two narratives for the same question, using two different setup codes.


PreviousPrevious

SETUP CODE (1234)SETUP CODE (1234)

(Section 5.1) NONMONETARY EXCHANGES

On March 1, 1997, Whitepeak acquired a storage unit structure worth $55,000by paying $5,000 cash and giving a piece of real estate that had originally cost$45,500.

SETUP CODE (4321)SETUP CODE (4321)

(Section 5.1) NONMONETARY EXCHANGES

On March 1, 1997, Whitepeak acquired a storage unit structure worth $55,000by paying $5,000 cash and giving a piece of real estate that had originally cost$57,400.

NOTE the two different amounts for the original cost of the real estate. This of coursewill impact any gain/loss on exchange. The students narratives are not bolded so theyare unaware of what variables slide.


PreviousPrevious

SETUP is a SNAP!SETUP is a SNAP!

• STUDENTS CAN DO IT THEMSELVES OR YOU CAN DO IT STUDENTS CAN DO IT THEMSELVES OR YOU CAN DO IT IN YOUR OFFICE.IN YOUR OFFICE.• with just a four digit numerical code (e.g., 1234) that you

make up• this creates a unique question set• each module has a number of variables that “slide” creating

its uniqueness• thus students can work together on solutions, but can’t cheat

• ILLUSTRATION OF SETUPILLUSTRATION OF SETUP• the next few screens present an illustration of how simple it is

to setup a student data disk with the code 1234


PreviousPrevious

The setup program first cues the instructor or student to enter an I.DThe setup program first cues the instructor or student to enter an I.D. NumberNumber. This can be any number (e.g., student or social security number) desired up to nine digits. In this illustration we’ll use 333.


PreviousPrevious

Next the setup program provides a cue for I.D. NameNext the setup program provides a cue for I.D. Name. Here you enter either an individual’s or team’s name. For this example we’ll use the name Sample Student.


PreviousPrevious

Lastly, the computer will prompt us for the four-digit setup codeLastly, the computer will prompt us for the four-digit setup code. This step is different depending upon whether disks are setup by students or faculty.

• Students:Students: Do not enter the setup code. It is randomly selected automatically for them by the program. This ensures that each student receives a different setup code.

• Instructors:Instructors: Do enter the setup code. This enables them to set students up in teams (with the same setup code) or to resetup a student’s disk. Next Next

Slide 14 of 35Slide 14 of 35PreviousPrevious

It is that simple to setup a student’s data disk and get them working on Whitepeak. From here student’s print out the questions you assign them and get to work.

THAT’S IT!THAT’S IT!


PreviousPrevious

RECORDING ANSWERSRECORDING ANSWERS

Students record answers:

• primarily in an electronic journal and

• in other schedules when appropriate (such as with a pension worksheet in the pension module).

For example, the next few screens present the journal entriesnecessary to answer section 5.1 introduced earlier.


PreviousPrevious

The solution to section 5.1 of setup code 1234 results in a gain of $4,500 when land is exchanged for a building. Since no previous entry was made in this scenario, a debit to Buildings is first entered. NOTE: Whitepeak grades general ledger balances at the conclusion of each section, therefore, any combination of entries can be made in each section provided the student arrives at the correct final account balances.

ENTERING JOURNAL ENTRIESENTERING JOURNAL ENTRIES


PreviousPrevious

Next, the gain of $4,500 can be entered as a credit. Note the debit balanceof $50,500 in the upper right hand corner. This box indicates the currentoverall balance of the entry. Whitepeak will not let a student exit the journal entry program until an entry is balanced.



PreviousPrevious

Then, the historical cost of the land given up is removed.



PreviousPrevious

Finally, the cash given up of $5,000 is credited. Note the balance in theupper right corner is now a $0 balance, indicating the journal entry is complete.



PreviousPrevious

GRADING ANSWERSGRADING ANSWERS

Whitepeak offers (3) grading options:

• Student SELF-GRADERSELF-GRADER• On home PChome PC• In school’s computer labschool’s computer lab

• Instructor MASTER-GRADERMASTER-GRADER


PreviousPrevious

STUDENT SELF-GRADERSTUDENT SELF-GRADER

• STUDENTS GRADE THEIR OWN WORKSTUDENTS GRADE THEIR OWN WORK• on their home PCs• or on PCs in your school’s computer labs• tells students whether their work is correct or incorrect - nothing

more (partial feedback)• error messages identify only the source of an error motivating

further study and problem-solving

• OUTPUT EXAMPLESOUTPUT EXAMPLES• The next screens show examples of correct and incorrect student

entries.


PreviousPrevious

For example, after finishing Section 5.1, the student can check his/her solution for correctness. Here, the student got all the answers correct.

CORRECT SOLUTION


PreviousPrevious

The line on which an incorrect answer appears would be marked INCORRECT. The student is told only that this account is in error - not specifically what is wrong with the answer.

In this example the student entered a credit to SALES rather than to GAIN/LOSS.

INCORRECT SOLUTION


PreviousPrevious

INSTRUCTOR MASTER-GRADERINSTRUCTOR MASTER-GRADER

• PROVIDES MORE DETAILED FEEDBACK THAN SELF-PROVIDES MORE DETAILED FEEDBACK THAN SELF-GRADERGRADER• provides correct solution next to student’s solution• shows correct change in account balance• shows correct account names• allows instructors to provide printed output to student, if desired

• OUTPUT EXAMPLESOUTPUT EXAMPLES• The next screens shows Section 5.1 if the student has made the

correct and incorrect entries


PreviousPrevious

CORRECT SOLUTION

The above graphic shows the Master-Grader for Section 5.1 assuming the student’s entries were correct.

The next screen shows the Master-Grader if the previously mentioned error was made.


PreviousPrevious

If the student has used an inappropriate account, a window first appears over the other feedback. In the above case, the student credited SALES instead of gain/loss on nonmonetary exchanges.

Pressing EXIT will remove the window.


PreviousPrevious

INCORRECT SOLUTION

Notice the instructor’s Master-Grader includes a line for Gain/loss-exchange of nonmonetary assets and shows a correct balance of $4,500, however, it also indicates a -blank- where the student should have recorded the credit.


PreviousPrevious

• PRINTED OUTPUTPRINTED OUTPUT• at the instructor’s discretion, printed feedback can be given to

the student, generated from the Master-Grader• it would appear as follows below

WHITEPEAK CORPORATION - STUDENT ERRORS333 - Sample Student

SECT ACCT DESCRIPTION ERROR5.1 2040 Sales Acct shouldn’t have been used5.1 1540 Gain/loss-exch of nonmonet. Incorrect balance in this account


PreviousPrevious

If the Student Still Doesn’t Understand the InstructorIf the Student Still Doesn’t Understand the Instructorcan access the...can access the...

• ONLINE SOLUTIONS MANUAL:ONLINE SOLUTIONS MANUAL:• to call up a detailed solution for each unique number set• to show the solution to the student on screen• to print the solution for the student, if so desired

• THE ONLINE MANUAL:THE ONLINE MANUAL:• presents suggested journal entries• provides supporting calculations where illustrative• immediately adjusts to each new setup code

For example, the instructor can call up the solution to Section 5.1 for setupcode 1234, and it would appear as shown on the next screen:


PreviousPrevious

ON-LINE SOLUTIONSON-LINE SOLUTIONS


PreviousPrevious

Tracking Student ProgressTracking Student Progress

• ONLINE ELECTRONIC GRADEBOOK:ONLINE ELECTRONIC GRADEBOOK:• makes it easy to keep track of students’ progressmakes it easy to keep track of students’ progress as they

proceed through the simulation• either you the instructor, or your students can log completed

work into the gradebook• You can do it from your office computerYou can do it from your office computer which is hooked

into your network• Your students can record their progress by logging into Your students can record their progress by logging into

one of your networked computer labsone of your networked computer labs

• THE ELECTRONIC GRADEBOOK IS SECURE:THE ELECTRONIC GRADEBOOK IS SECURE:• students need their Whitepeak student data disks in order to

access their gradebook• students can ONLY access their OWN gradebookstudents can ONLY access their OWN gradebook• instructors can of course, access every students’ gradebook

from his/her office computer


PreviousPrevious

• An “X” is placed next to each section that is completed An “X” is placed next to each section that is completed correctlycorrectly. Recall that our sample student has only successfully completed Section 5.1. It is easy to see how only certain sections of Whitepeak can be assigned and students’ progress easily monitored.

Next Next Slide 12 of 35Slide 33 of 35Slide 33 of 35

PreviousPrevious

Benefits of WhitepeakBenefits of Whitepeak

• FOR STUDENTS, Whitepeak:FOR STUDENTS, Whitepeak:• provides realworld experience using a electronic general ledger

package• gives exposure to a variety of accounting topics at a challenging

level• provides integration of applications as students follow the same

company across multiple chapters• can be used in conjunction with team learning

• FOR INSTRUCTORS, Whitepeak:FOR INSTRUCTORS, Whitepeak:• offers unique question sets through use of sliding variables• provides detailed solutions for each different question set• gives the choice of student self-grading on home PCs or

NETWORK and/or instructor grading• makes solutions available both on-screen and in print form• grades in a “flash”• tracks completed modules in electronic gradebook


PreviousPrevious

Wrap UpWrap Up

There has never been anything like Whitepeak available to the academic accountingcommunity, and John Wiley & Sons is excited to make it available to you in conjunction with the 9th edition of Kieso and Weygandt’s Intermediate Accounting, as well as offering it as a stand-alone product.

To place an order with your bookstore for Whitepeak Corporation packaged at a discount with Kieso and Weygandt’s Intermediate Accounting, 9th Edition, refer to the following ISBNs.

Intermediate 9e + Whitepeak Corporation - ISBN 0-471-19798-XIntermediate 9e Vol I (Ch 1-14) + Whitepeak Corporation - ISBN 0-471-19799-8Intermediate 9e Vol I/II Set + Whitepeak Corporation - ISBN 0-471-19788-2

You can also order Whitepeak Corporation to be stocked separately in your bookstore by using the ISBN 0-471-17131-X

We encourage you to seek more information regarding the Whitepeak simulation from your John Wiley & Sons textbook representatives. They will be more than happy to answer your questions and supply you with necessary materials to get your students involved with Whitepeak. They also can supply information and materials relating to Kieso and Weygandt’s Intermediate Accounting, 9th Edition.

Slide 35 of 35Slide 35 of 35PreviousPrevious

WHITEPEAK CORPORATION Welcome to a Demonstration of A Computer Graded Financial Accounting Simulation to be Used in Conjunction with Kieso and Weygandt’s.

Documents

depreciation module

capitalization module

eps module

investments module

pensions module

leases module

earnings module

average module