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Calculate free cash flow for 2021 for Monarch Textiles, Incorporated, based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities

Calculate free cash flow for 2021 for Monarch Textiles, Incorporated, based on the financial information that follows. Assume that all current liabilities are non-interest-bearing liabilities and that no fixed assets were sold or disposed of during 2021.

Monarch Textiles, Incorporated ($ thousands)
Income statement Selected balance sheet items
2021 2020 2021
Sales 1,340 Current assets 380 520
Cost of sales 748 Net fixed assets 132 264
Operating expenses 116 Current liabilities 240 320
Depreciation 66
Interest expense 50
Earnings before taxes 360
Tax 144
Net income 216

Note: Round your answer to the 1000s place.

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