In WW I dancer Jerry Jones stages an all-soldier show on Broadway, called Yip Yip Yaphank. Wounded in the War, he becomes a producer. In WW II his son Johnny Jones, who was before his fathers assistant, gets the order to stage a knew all-soldier show, called THIS IS THE ARMY. But in his pesonal life he has problems, because he refuses to marry his fiancée until the war is over.
Elsa Carlyle is impulsive and a gambler. Though loved by her husband Jeff, she's spoiled and selfish, concerned with social standing. Meanwhile, Jeff wants to stop spending while he completes business deals that could make them rich. One night, on a hunch, she bets and loses big at a casino, then she doubles her problems with more impulsive decisions. Hardy Livingston, a wealthy Casanova just back from the Orient, makes a play for her. Elsa dallies with Hardy, but soon, his insistence and her dire financial affairs seem destined to lead to adultery. Who's the cheat?