The Rascals and Toughie McGurk's Pirates look for a gold watch on the McDonald farm in order to get a $10 reward.; Mr. Grumble fires Mr. Hooker as truant officer because the school district has no truants. The Rascals decided to play hooky the next day so Mr. Hooker will get his job back.; Aunt Matilda decides that Alfalfa is going to be a great sculptor and takes him to a sculptor's studio for lessons.; Spanky trades Billy the goat for Waldo the rich kid's rabbit. Billy proceeds to cause havoc in the Worthington household.; Spanky and Buckwheat charge the kids to watch Billy eat junk.; Farina puts Fatso on a diet, but not for long.; Toughie hits a baseball that unravels in midair. Alfalfa catches the ball and rewinds it and tags out Toughie.