Panel 1: A short while later, Liz looks out from behind the fence because she sees Elly coming and wonders if she knows that she lost Farley.
Panel 2: She then tells herself that Elly sees her and knows which is why she's pointing her finger at her and bellowing at the top of her lungs.
Panel 3: Rage-Faced Elly is enraged because when Mommy assigns her a responsibility in response to yet another of her ridiculous brain farts, GOOD CHILDREN take them seriously and that they've been calling her for the last hour.
Panel 4: Elly will never understand why Elizabeth is horrified to see Farley on the porch looking all friendly and well-fed because as far as she allows herself to know, he's been sitting on the porch waiting for his run while the EVIL CHILD who is LAZY and SELFISH went off to run around.
Summary: Liz knows better than to challenge Elly's misconception because she remembers something else Elly doesn't have the strength of character to face: it's next to impossible to get her to understand that children and pets can and do move around when she isn't looking at them. Since Farley was on the porch, Elly assumes that he must have been there that whole time because she can't wrap her head around the alternative.