Default [Q] Trying to fix my A500

Hi, I have acquired an Acer Iconia A500 that was previously rooted(Or so I was told) and ran fine for months until recently. Now it only boots to the Acer Screen. Ill list what I have done so far to try to remedy this problem.

Reset
1. I hold Volume Up, Turn on the power, and switch the Rotational lock on and off until "Erasing Userdata and UserCache (I think, I see those two lines but don't really remember exactly what they were)
2. The device resets and gets stuck at the Acer boot menu.

Load an Update.zip from my sdcard.
1. This method just gets me to the Android guy with his chest open and a red exclamation point above his chest.

I apologize if threads like this already exist I have been searching for hours on how to fix this problem. If anyone is able to help that would be great!