I have an LLC that had filed previously as a sole proprietor (Schedule C). For 2014 I filed the 2553 and was approved to file as a S-Corp with a begining date of Jan. 1, 2014. For the first time filing of a 1120S, for the 2014 tax year, on the Balance Sheet does the begining year amounts start at ZERO or do they start with the amounts from when last years Schedule C was filed?

when you convert your Sole Proprietorship to a S-Corp, you my move your business assets from one entity to the other and this is not a simple task. When a new business is started, you, as a shareholder in the business, can contribute money, equipment, property, and services to the Scorp. This is considered the business's starting capital. Also, When property is donated to an S-Corp, the value of that property becomes the S corp's basis in that property. Also, the value of that property is added to the capital account of the shareholder who donated the property. say you donate your relatively new computer to your newly formed S-Corp. The adjusted basis of the computer is $2k. In addition to donating your computer, you also contribute $30k of cash. Then your capital acct in the S corp is; Owner's Equity (on the corp's balance sheet, sch L, I ,mean)
your Capital Account
Cash $30,000
Equipment $2,000
Total Capital $32,000