My husband is the sole owner of an LLC with s corp status. The s corp election was made in 2016, but our tax preparer filed a 0 income return for the s corp in 2016 and all business income was reported on schedule c. January 1st, 2017 will be the official start date of the business as an s corp. For the balance sheet, do we start off all accounts with 0s or do we transfer all numbers from the LLC's balance sheet? Will retained earnings be 0?
This will also be the final return for the s corp since business was closed in December. All assets have been sold and Turbo Tax helped me put in that info. There is still an accounts receivable and an accounts payable balance. Do I put in those amounts on the end of year balance sheet?
