Panel 1: We find ourselves watching Farley look at his bowl as if he's about to ask where the real food is so that Lynn can demonstrate what a great ad writing person she's sure she could have been. This is achieved by having Mike try to get Farley to eat by reading the package of kibble to entice him. The problem is that even if Farley could actually understand English, I doubt that something like "Grubmaster's NEW Bowzer Bits....'Gourmet Goodness from the Kibble King'" would move him to eat something he doesn't want to.
Panel 2: Farley gives him a suspicious stare when he goes on to say "Four new shapes! Four new eye-catching colours! Four new lip-smacking tastes your dog will LOVE!!"
Panel 3: Since it's not the bowl of table scraps he's been trained to eat over the last eight or nine years, Farley goes back to staring at the bowl of kibble and wondering why they're trying to starve him to death.
Panel 4: Mike's response is to ask a pissed-off looking Farley "Shall I read that again?"
Summary: In the real world, dogs and cats really don't understand ad copy. What they do understand is what they've been trained to understand and what Farley understands is that if the people don't eat something, he shouldn't eat it either.