A hydro-electric utility included in its income for financial statement purposes an estimate of the value of electricity which have been consumed by its customers between the time they last had their metres read and the year-end and for which they had not yet been billed. In finding that such unbilled amounts were "receivable" by the utility and therefore to be included in its income for purposes of s. 12(1)(b), MacGuigan J.A. stated (pp. 6030-6031):
"I can have no doubt that the Appellant was absolutely entitled to payment for any electricity delivered, and in an amount reasonably estimated. Suppose, for example, that a customer's residence was destroyed by fire at midnight on December 31. The Appellant would surely have a legal right as of the due date to reimbursement for the electricity supplied since the previous billing, viz, through December 31, and a Court would be prepared to fix the amount of entitlement, probably using something like the appellant's pro-rated method....[T]herefore...the appellant had a clear legal right to payment: the amounts in question were sufficiently ascertainable to be receivables even though not yet billed or due...."