Wally and Beaver's desire to get a new bike causes them to fall prey to sneaky Frankie Bennett, he tells the brothers that the local dairy farm is holding a contest: the first person to bring in a thousand milk bottle caps will win a bicycle. However, when they go and collect their prize, they learn of Frankie's lie, and as a result, Ward takes pity on the boys and decides to buy them their own bicycle.

After seeing an advertisement in a comic book, Wally and Beaver decide to send away to Florida for an alligator, in order to keep it in their bathtub. However, when Ward and June discover what the boys have done, they make the boys donate it to a local alligator expert's animal park.