Preheat oven to 350 degrees. For the cake, add all of the ingredients into a bowl and mix until combined. Spray a 9x13 pan with cooking spray. Pour the cake batter into the pan. Bake at 350 for about 30-40 minutes, or until the center of the cake is cooked through.
When the cake is finished, remove from the oven and let rest while you make the frosting.
For the frosting, place the butter and cream cheese in a bowl. Whisk with a hand mixer until smooth and incorporated. Add the vanilla and powdered sugar to the butter and cream cheese and continue to whisk until fluffy and soft.
When the cake is cooled, frost with the frosting and then serve.