Hi Adajo,
First there si few things to clear, there is lots of amperage on 12V.
Given battery capacity of 7Ah applies only if you taking /20 parts of current (7/20=350mA).
Also the same situation is with car battery 55Ah means only if your load is /10 or /20 of Ah. (According manufacturers product data).
We have (theoreticaly) :
500W@ 12V = 41,66A 7Ah / 41,66A = 0,16h (its just theory!)
This works on lead acid only if you have proper discharging current /10 /20.
Regular 7Ah/10=0,7A, but we there pull 42A from it. Should I say its little battery for that job.
But must consider manufacturer data about battery discharging current for short and long period.
Battery internal resistance and state also are calculated. Its new or its old, sulfated,....
Efficiency of inverter is important thing. Often efficiency of small desktop PC UPS is poor.
Switching dedicated inverter have much better efficiency say 87% (but should read manufacturer data).
But battery is chemistry, look diagrams in this datasheet for minutes, and discharging current, and time.
On 500W you will get minute two, on 7Ah as new battery, maybe less.
For 55Ah car starter battery on 500W you will get 10-15-18minutes (from expirience) - note: with new battery.
Calc say 55Ah / 41,66A = 1,32h but this is not /10 or /20 this is much harder job for battery, this is almost /1 and capacity of 55Ah is only true for /10 or /20 current.
Also all inverters have standby current. That mean that they in standby consupt some current in range 0,3 to 0,9A depend from manufacturer and size (power) of inverter, this is data in device specification given by manufacturer.
Lots of inverters deep discharge batteries to 10,5V this can kill starter lead acid battery. Starter batteries have 11,9V lower limit or 1,99V per cell. Starter have ability about 300 cycles in range 11,99V to full charge, after that goes to heaven. Deep cycle batteries are different storry.
Take in mind Peukert's law :
Peukert's law - Wikipedia, the free encyclopedia
What is an Amp Hour and How to Calculate Battery Capacity | OverlandResource.com – Overland expedition travel info.