- SpongeBob SquarePants
- Squidward Tentacles
- Mini Squid (debut)
- Gary the Snail
- Patrick Star (speaking cameo)
- Residents of Bikini Bottom (brief cameos)
Squidward throws a bubble gum wrapper on SpongeBob's lawn. When SpongeBob discovers it, he asks Squidward if he can keep it. Squidward, who spots the paper as a worthless and useless pile of junk, says yes. SpongeBob asks him several more times to make sure that he doesn't want it, and Squidward assures him that he has no use for the paper, and sarcastically makes him promise to never give it back.
SpongeBob uses his imagination to have fun and do amazing things with the paper, and Squidward becomes jealous and attempts to take it back. However, SpongeBob refuses to give it back, as he promised not to. Squidward desperately begs SpongeBob for the paper, and is not successful until he agrees to trade everything he owns, including his house and shirt. However, Squidward does not have fun with the paper, and realizes that it is indeed completely worthless. Patrick then comes along, takes the paper from Squidward, and throws away his gum in it. Squidward, who has now given up everything he owns for nothing and is standing there naked, asks "Does anyone have sunscreen?"
- Just like "I Was a Teenage Gary", this episode is not broadcasted commonly, because it is paired with a holiday-themed episode.
- A Squidward dummy would reappear in the fourth season episode, "Squid Wood".
- SpongeBob says that he has always liked Squidward's shirt. He broke a promise he made to Squidward to get it.
- Things SpongeBob does with the paper include: playing paper paddle-ball, oral-gami (oragami with his mouth), using it like a propeller, and playing it like an instrument.
- The plot is similar to a Rugrats episode, "No More Cookies," where Angelica tells Tommy to promise not to give her any more cookies, due to her stomach ache, no matter if she begs, pleaded, cried, but she still wants cookies no matter what. SpongeBob and Squidward do the same with the paper.
- This is the fourteenth episode with its name in it.
- Sixteenth time Mr. Krabs is absent.
- The science-related things Squidward mentions (erosion and mitosis) are on the cover of Boring Science Digest: erosion on the back, mitosis on the front under the title. Erosion is when water wears away rock and land; mitosis is when one cell splits into two.
- Clips of this episode were seen on Late Night with Conan O'Brian on Nov. 25th, 2006.
- This is the third episode where Squidward appears naked. 1st was Plankton! & 2nd was Mermaid Man & Barnacle Boy.
- The title card is the same as "Best Frenemies" and "Squid Wood."
- The title card music is the same as "The Secret Box," "Club SpongeBob," "Opposite Day" and "Your Shoe's Untied.
- Squidward later stomps a Krabby Patty and his hat in Just One Bite and Squid on Strike in their respective episodes.
- While SpongeBob chews the paper to make Origami, you can hear a Snare Drumroll sound. That exact same Snare drumroll sound was later used for other episodes such as: "Band Geeks," "The Fry Cook Games," "Wet Painters," "Plankton's Army," and "Krabby Land".
- SpongeBob makes Squidward jealous with his imagination in the episode "Idiot Box."
- When SpongeBob was playing the music on the piece of paper, it sounds like an advanced version of, "Mary Had A Little Lamb."
- This is the first time SpongeBob impersonates a dolphin. Second being Sailor Mouth and the third being You Don't Know Sponge.
- Doing impressions
- A guy with a mustache
- A pirate with an Eye patch
- A regular guy with an eye patch
- A guy with a piece of paper on his nose
- A guy stomping the paper on the ground
- a bird
- a snowflake
- a paper doll
- a flip book of Squidward
- a musical instrument to correct Squidward's music
- a loincloth
- a paper airplane armed with machine guns
- a puppet
- a helicopter
- a parachute
- a bullfighting cloth
- a cape
- a suck in and out trick
- paper paddle-ball
- SpongeBob rolled it on his head
- Spongebob makes wonderful music with the paper, but in Squidward the Unfriendly Ghost, he couldn't.
- When the crowd laughs with Spongebob, some people appear twice.
- When the crowd is laughing at SpongeBob's joke, for some reason some people like Fred aren't laughing, but just waving back and forth.
- For some unknown reason, whenever Squidward's house gets lifted, it is unknown why there are no water pipes bending or bursting.
- When Squidward is trying to take the paper from SpongeBob but SpongeBob will not let go, Squidward appears a different color.
APM music identification
- Hilo, March - Title card; Squidward finally gets the paper from SpongeBob.
- Dancing the Hula - Squidward takes out his lawn chair and relaxes; SpongeBob's flipbook of Squidward.
- Hawaiian Link A - "How could anyone have fun with just a piece of paper?"
- Marching to Honolulu - SpongeBob pretends to be SuperSponge.
- Big Ed's March - "I'm a box of army supplies bringing relief to the hungry troops..."; Squidward attempts to do a helicopter with the paper.
- Vibe Link B - "Hey, that little paper does seem like fun."
- Honolulu March - Squidward tries to think of things to do that are more fun than SpongeBob's paper.
- Vibe Link A - "The rubber band? Do I dare?"
- Hawaiian Cocktail - Squidward gives everything away to SpongeBob.
- Whisper from the Past - "Squidward's shirt. I've always loved that shirt!"
- Sailor's Waltz - "Wait, more impressions. A guy throwing the piece of paper on the ground. A guy stomping on the piece of paper."
- Aloha - Patrick takes the paper from Squidward, eats the gum, puts it in the paper and throws it away
- ORIGINAL MUSIC. Mary had a little lamb: the song SpongeBob plays on his pretend harmonica.