**Preheat the oven**
Preheat your oven to 350°F (175°C). Grease and flour a 9x13-inch baking pan or two 9-inch round cake pans.
**Prepare the cake batter**
In a large mixing bowl, combine the cake mix, maraschino cherry juice, vegetable oil, eggs, and almond extract (if using). Beat with an electric mixer on medium speed for 2 minutes until smooth and well combined.
**Add the cherries**
Gently fold in the chopped maraschino cherries.
**Bake the cake**
Pour the batter evenly into the prepared pan(s). Bake for 25–30 minutes for round pans or 35–40 minutes for a 9x13-inch pan, or until a toothpick inserted into the center comes out clean.
**Cool the cake**
Allow the cake to cool in the pan for 10 minutes, then transfer to a wire rack to cool completely before frosting.
**Prepare the frosting**
In a mixing bowl, beat the cream cheese and butter together until smooth. Gradually add the powdered sugar, one cup at a time, mixing on low speed. Add the maraschino cherry juice and vanilla extract, and beat until the frosting is fluffy and spreadable.
**Assemble and frost the cake**
If using round pans, layer the cakes with frosting in between. Spread the frosting evenly over the top and sides of the cake. Garnish with whole maraschino cherries if desired.
**Serve**
Slice and serve the cake immediately or store in the refrigerator until ready to enjoy.