( ! ) ????

I think you are talking about the tire pressure indicator light. It will illuminate when unequal tire pressures are sensed via the rotational sensors associated with the ABS system. Inflate all tires to equal recommended pressure and reset the light using the procedure outlined in your owners manual. It usually has you pushing the switch and holding it for a few seconds to reset. It is an amazingly sensitive and accurate system. Good luck.

I don't think a '94 Corolla could be had with either ABS or a tire pressure indicator.

Might that "(!)" be a "brake pad wear" warning?

Pull up on the parking brake lever and see if the light that you are talking about comes on. If it does, the light also warns of low brake fluid level. Check the brake fluid level in the master cylinder reservoir under the hood. If it is near or below the "min" marking, then have the brake linings checked for wear.