Preheat oven to 350º.
Lightly spoon flour into dry measuring cups; level with a knife. Combine flour and the next 5 ingredients (through salt) in a large bowl, stirring with a whisk. Combine applesauce, milk, and oil; add to flour mixture, stirring just until moist. Stir in cranberries and walnuts. Spread into a 10-inch springform pan coated with cooking spray (batter will be thick).
Bake at 350º for 45 minutes or until edges begin to pull away from sides of pan. Cool on a wire rack. Sprinkle with powdered sugar.