9.2 Calculate free cash flow for 2014 for Monarch Textiles, Inc., based on the financial information below. Assume that all current liabilities are non-interest-bearing liabilities and that no fixed assets were sold or disposed of during 2014.

Monarch Textiles, Inc. (S thousands) Income statement Selected balance sheet items 2014 1,100 700 100 50 50 200 80 120 2013 2014 Sales Cost of sales Operating expenses Depreciation Interest expense Earnings before taxes Tax Net income Current assets Net fixed assets 300 400 100 200 Current liabilities 200 280