I have a 1996 SeaRay F16 with the Merc 120xr JetDrive. During my last trip out it quit running and would not restart. I have checked the spark on each cylinder and there is no spark. I have read that the Rev Limiter and Stator are common issues, but how do you check each component to validate which is bad? Ohm readings? Voltage to/from components?

The Rev Limiter has 4 wires: Black (-), Violet, Black/Yellow (Kill?), Brown

Battery Fully Charged
Ignition/Start Switch Functioning Properly
Kill Switch Okay
Neutral Switch Okay

The black wire with the yellow stripe is the kill circuit wire if you unhook that wire where it comes out of the rev limiter to the rest of the wiring harness it will not kill the spark if the rev limiter is bad. If you unhook that wire and there is no change the problem is not with the rev limiter. The stator, switch box, and a wiring short can also cause no spark on all cylinders. Wiring problems are rare but not unheard of. As far as test specs I would try and buy a service manual even the cheap aftermarket manuals will give you the correct specs and the location of where to test with your meter.