Chapter 16 Mary, Paula, and Ray have operated a retail store for 20 years. The partners share profits and losses in the ratio of 4:3:3, respectively. The partnership is unable to meet its obligations and the partners decide to liquidate the partnership. The firm's balance sheet just before the partners sell the other assets for $20,000 is as follows. After the sale of the noncash assets, the personal assets and liabilities of each partner are determined to be the following: Requ A. Determine the amount of cash each partner will receive in liquidation and how much cash each partner must contribute to the firm, given their personal positions