Wouldn't all the beginning numbers be zero?

Unless maybe I suppose if this was a pre-existing business that was an LLC and newly elected to be taxed as a S-corporation.

That is what I was thinking but yes it was a preexisting company that incorporated and started running the business as an S Corp on January 1. The end of the prior year the balances would be zero but  on January 1 it should have a balance sheet. 

Sole proprietor became a S Corp?

https://www.irs.gov/pub/irs-drop/rr-03-51.pdf