Preheat the oven to 350°F.
In a large mixing bowl, stir together the dry ingredients: all-purpose flour, granulated sugar, baking powder, and salt. Set aside.
In another bowl, whisk together sour cream, eggs, almond extract, and vanilla extract until combined. Set aside
In a saucepan over medium heat, melt the butter and water. Bring to a boil. Remove from the heat and pour this hot mixture and the egg mixture over the dry ingredients. Stir using a rubber spatula until combined and no lumps remain.
Grease a sheet cake pan with non-stick cooking spray and pour in the batter. Spread evenly. Bake for 20 mins.
While the almond sheet cake is baking, prepare the frosting. In the same saucepan, add the butter and milk. When the butter is melted, stir together and bring to a boil. Remove from the heat and transfer to a mixing bowl, add the powdered sugar, almond extract, and vanilla extract. Beat using an electric mixer until completely combined.
When the cake is ready, remove it from the oven and pour the hot frosting over the warm cake. Spread evenly.
Let the almond sheet cake cool completely. Then, slice and serve. I like to sprinkle some chopped or sliced almonds over the piece of cake. Enjoy!