The auditor determines materiality for the company being audited to be Thirty Thousand Dollars ($30,000). Tolerable misstatement of Ten Thousand dollars ($10,000] is assigned to each of the following five accounts. Unknown errors in each of the accounts are indicated below. Audit work is performed on each account as discussed in class. The client makes any corrections to accounts as suggested by the auditor. After the completion of audit work, the auditor issues an unqualified (i.e. GOOD) auditors' opinion. Was this the correct opinion? Discuss and show any applicable calculations.

Account Unknown error in account before any audit work is done(all accounts are overstated)

Cash $ 6,000

Accounts receivable 8,000

Prepaid Assets 18,000

Property, Plant and Equipment 25,000

Intangible Assets 35,000