Give it a shot of starting fluid and that will give you an idea as to either spark or fuel, but that would be just a hint. To properly diagnose the problem I would suggest reading this thread :
Cranks OK, but No Start Checklist for Fuel Injected 5.0 Mustangs model years 1986-1995 A word about this checklist before you start: it is arranged in a specific order to put the most likely failure items first. That will save you time, energy and money. Start at the top of the list and work...
www.stangnet.com
94-5 specific info is highlighted.
Also on a car that has sat for that long I would change the oil and filter and make sure all the vacuum lines are good but all that should be covered in the checklist.