The statement "X Equals 500" indicates that the variable X has a value of 500. In mathematics, this is a simple equation where X is defined to be equal to a specific number. This type of equation is often used in algebra to solve problems or to represent relationships between different quantities. In practical terms, if you encounter "X Equals 500" in a problem, you can replace X with 500 in any further calculations. This concept is fundamental in various fields, including science, engineering, and finance, where precise values are essential for analysis and decision-making.