Step 1: Preheat the oven to 350°F (180°C). Grease a 9x13 inch baking dish with cooking spray or butter. In a large mixing bowl, cream together the softened butter and sugar until light and fluffy.
Step 2: Add in the eggs one at a time, beating well after each addition. Mix in the vanilla extract and almond extract. In another bowl, sift together the flour, baking powder, and salt. Gradually add this dry mixture to the wet ingredients, mixing until just combined.
Step 3: Pour in the milk and mix until smooth. Fold in the chopped pecans and shredded coconut. Pour the batter into the prepared baking dish and smooth out the top with a spatula.
Step 4: Bake for 30-35 minutes or until a toothpick inserted in the center comes out clean. Allow the cake to cool for at least 15 minutes before serving. Drizzle with gooey butter sauce and sprinkle with powdered sugar for extra sweetness.