Preheat the oven to 400°F. Grease a 10 x 15-inch non-stick jelly roll pan with shortening, or line with parchment paper. Set aside.
In a saucepan, bring the shortening, butter, and water to a boil.
Place the flour, sugar, baking soda, and salt in a large mixing bowl and whisk to combine.
Pour the hot butter mixture over the flour mixture. Use an electric mixer to beat for 1 minute on medium speed.
Slowly add the vanilla, almond extract, buttermilk, and eggs. Beat for one more minute, then pour the batter into the prepared pan.
Bake for 20-23 minutes, or until a toothpick inserted in the center comes out clean and the edges pull slightly from the pan. Place the cake on a wire rack to cool completely.
Once the cake has cooled completely, prepare the frosting.
Once the cake has cooled completely, prepare the frosting. In a large bowl, beat the powdered sugar, softened butter, milk, and vanilla on low speed until combined. Increase to medium and beat for 1 to 2 minutes, until fluffy and creamy. Add more milk one teaspoon at a time if needed for spreadable consistency.
Spread the frosting evenly over the cooled cake. Garnish with sprinkles. Slice into small squares and serve.