Ponyboy is walking home from seeing a movie and kids pull up in a red car and try to beat him up. Then his friends see this and come to chase the socs away. This picture shows pony getting beat up and Two-bit yelling at them to go away and other socs laughing in the background. This is right at the point in the book where the spocs are about to cut all of Ponyboy's hair off.
Dally is trying to impress Cherry and Marcia by annoying them. One way he is annoying them is that he was swearing behind them trying to get their attention. Failing at that he starts to talk to them and offend them. When that doesn't work either he goes to get them a coke. After Cherry refuses and Johnny talks back to Dally he runs off and gets into trouble.
Pony gets home late because he lost track of time and Darry is at home waiting for when he will get there. When Pony gets home they get in a fight with Soda in the background. Darry gets so angry that he slaps Pony across the face. Pony has never been hit by someone in his family so he takes this very seriously and runs away out of the house.