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 if sales 700

Operating expenses 100

Depreciation 50

Interest expense 50

Earnings before tax 200

Tax 80

Net income 120

Selected balance sheet items

2013

Current assets 300

Net fixed assets 100

Current liabilities 200

2014

Current assets 400

Net fixed assets 200

Current liabilities 280