Beat 1 cup softened butter and 1 1/4 cups granulated sugar on medium speed for 3 minutes until pale and fluffy, then mix in 1 large egg, 1 large egg yolk, 2 tsp vanilla extract, and 1 tsp almond extract for 60 seconds.

Whisk together 2 3/4 cups flour, 1/2 tsp baking soda, 1/2 tsp baking powder, and 1/2 tsp salt, then add to the butter mixture in 2 batches on low speed, mixing just until no dry streaks remain.

Preheat oven to 375°F (190°C). Scoop dough into 10 balls of about 3.5 oz each, place on parchment-lined baking sheets at least 3 inches apart, press to 3/4-inch thick, and bake for 11 to 13 minutes until edges are just set. Cool completely on the pan, at least 30 minutes.

Beat 4 oz cream cheese and 1/4 cup butter for 2 minutes, add 2 cups sifted powdered sugar, 2 tbsp heavy cream, 1/2 tsp vanilla extract, and 1/2 tsp almond extract, and beat on medium-high for 2 minutes until fluffy. Tint with pink gel food coloring.

Spread 2 to 3 tbsp frosting onto each cooled cookie in a swirl, scatter 3 tbsp rainbow sprinkles over the top, and serve on a platter with the frosting facing up.