Preheat oven to 350 degrees F. Liberally grease a 9x13" rectangular baking pan with cooking spray. (Likewise, you may also grease 2 (9") round pans.
Whisk together the flour, sugar, baking powder, and salt in the bowl of a stand mixer. Add in the butter and cream until just combined. Add in the milk, vanilla extract, almond extract and eggs slowly until a smooth batter forms. Fold in the sprinkles.
Bake in the rectangular pan for 30-40 minutes or in the 2 round pans for 20-30 minutes or until a toothpick inserted near the center comes out clean or with moist, not wet, crumbs. Cool completely.
To make the frosting: Cream the butter and vanilla extract together in the bowl of a stand mixer until fluffy. Beat in the confectioners sugar, one cup at a time, alternating with the heavy whipping cream until a soft, spreadable frosting is achieved. Spread the frosting evenly over the cake and top with the remaining sprinkles. Store cake covered, either at room temp or in the fridge.