Preheat your oven to 325°F (165°C). Grease and flour an 8-inch tube pan to prevent sticking. In a medium bowl, whisk together the flour, baking powder, and salt, then set aside. In a large mixing bowl, cream the butter, cream cheese, and sugar together until the mixture is light and fluffy. Add the eggs one at a time, beating well after each addition. Stir in the vanilla and almond extracts. Gradually add the flour mixture to the wet ingredients, mixing just until combined. Toss the maraschino cherries with the ¼ cup of flour to coat them lightly, then gently fold the cherries into the batter. Pour the batter evenly into the prepared pan. Bake for about 80 minutes, or until a toothpick inserted into the center comes out clean. Allow the cake to cool in the pan for 10 minutes before turning it out onto a wire rack to cool completely.