The story begins with Jack summing up recent events leading up to the start of the story: Frustrated with having traded his cow for the three beans, Jack tosses them away and they land right in Bugs Bunny's rabbit hole. A beanstalk erupts shortly after, and Jack decides to climb it for the sake of the cartoon ("I'd better get to work climbing that thing, or we won't have any picture"). During his climb, he meets Bugs who is in bed, and kicks him away. Realizing which story is unfolding before him, Bugs decides to climb after him.