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You might have the outline mode turned on for the timeline layer that you are on. Try clicking that colored rectangle in the timeline layer near the layer name. It should be a solid color filled rectangle.
If that does not change it then look in View -> Preview Mode -> and make sure Outlines is not selected
I have just tried this and at first I was hopeful because the outline mode was selected but when i deselected it was still invisible!
I have Illustrator and Photoshop. Try converting PNG image file into JPG in Photoshop. I use this image format all the time .This will allow
Flash to accept it. Hope that is helpful.