Beat butter and shortening at medium speed with an electric mixer 2 minutes or until creamy; gradually add sugar, beating well.
Combine water and milk. Combine flour, baking powder, and salt; add to butter mixture alternately with milk mixture, beginning and ending with flour mixture. Stir in vanilla and almond extracts.
Beat egg whites at high speed until stiff peaks form; fold into batter. Pour into 4 greased and floured 8-inch round cake pans.
Bake at 350° for 15 to 17 minutes, or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans, and cool on wire racks.
Note: For 9-inch layers, bake at 350° for 12 to 14 minutes, or until a wooden pick inserted in center comes out clean.