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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 1,430 Current assets 410 565
Cost of sales 766 Net fixed assets 144 288
Operating expenses 122 Current liabilities 255 335
Depreciation 72
Interest expense 50
Earnings before taxes 420
Tax 168
Net income 252

Note: Round your answer to the 1000s place.

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