Calculate free cash flow for 2021 for Monarch Textiles, Incorporated, based on the financial information...
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Accounting
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 | 1,490 | Current assets | 430 | 595 |
| Cost of sales | 778 | Net fixed assets | 152 | 304 |
| Operating expenses | 126 | Current liabilities | 265 | 345 |
| Depreciation | 76 | |||
| Interest expense | 50 | |||
| Earnings before taxes | 460 | |||
| Tax | 184 | |||
| Net income | 276 | |||
Note: Round your answer to the 1000s place.
Free Cash Flow = ???
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