Calculate free cash flow for a 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.

Income statement 2014

Sales 1100

Cost of sales 700

Operating expenses 100

Depreciation 50

Interest expense 50

-------------------------------------

Earnings before tax 200

Tax 80

-------------------------------------

Net income 120

Selected balance sheet items

2013 2014

Current assets 300 400

Net fixed assets 100 200

Current liabilities 200 280