The animals are out enjoying sports in the wintry landscape. The little sheep girl -- who looks like a goat to me -- wants to join them instead of learning to play the harp. So off she goes, whereupon a wolf sees a sheepskin hung up, dons it and abducts her.
It's one of the duller of the Aesops Fables cartoons from Paul Terry in this period simply because it hews so closely to the original story, complete with its moral. The unlikely details are not particularly amusing, the artistic value is minimal, and, in short, this is one you can avoid.