Power supply issue...?

Here's the deal. I have an eMachines desktop that I haven't had any problems with up until recently. I noticed that it won't power on at all now. I've researched a little and I'm guessing that the power supply is shot. Here's something to add to the equation. I pulled out my older Dell to use in the mean time and it started to power up and when I come back to it, the amber light is blinking on the power button. Therefore, I have no power to either computer. I tried plugging both computers into a different outlet to see if maybe it was the surge protector. I also tried out a different power cord. My question is what is causing this? Do you think that maybe the surge protector or power cord that was being used could have zapped both of the power supplies. I'm hesitant to purchase a new computer to only plug it in and ruin it right off the bat. Thanks!!