Out of Africa had the following shareholders' equity section on ...

[roselinechinyere27m]

Out of Africa had the following shareholders' equity section on its balance sheet as of
  December 31.
 
  Preferred stock: 100 par, 6, cumulative 100,000
  Common stock: 1 par value 25,000
  Additional paid-in capital 300,000
  Retained earnings 57,000
 
  Calculate the following:
  a. Number of shares of preferred stock outstanding
  b. Number of shares of common stock outstanding
  What will be an ideal response?

Question 2

In the control matrix, the rows represent:
 a. control goals of the operations process
  b. recommended control plans including both present and missing controls
  c. control goals of the information process
  d. control goals of the management process

[whitcassie]

Answer to Question 1

a. 100,00/100 par value = 1,000 preferred shares
b. 25,000/1 par value = 25,000 common shares

Answer to Question 2

B