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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 1,190 Current assets 330 445
Cost of sales 718 Net fixed assets 112 224
Operating expenses 106 Current liabilities 215 295
Depreciation 56
Interest expense 50
Earnings before taxes 260
Tax 104
Net income 156

Note: Round your answer to the 1000s place.

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