Heat oven to 350°F. Grease and flour 12-cup Bundt® pan. In large bowl, combine sugar and margarine; beat until light and fluffy. Add sour cream, almond extract and eggs; blend well.
Lightly spoon flour into measuring cup; level off. Add flour, baking powder and salt; mix well. Stir in chocolate chips, cherries and almonds. Spoon into greased and floured pan.
Bake at 350°F. for 50 to 60 minutes or until toothpick inserted near center comes out clean. Cool in pan 20 minutes. Invert onto serving plate. Sprinkle with powdered sugar. Serve warm or cool.