Preheat oven to 350 degrees Fahrenheit and grease a 9x13" cake pan.
Add all cake ingredients to the bowl of an electric mixer and mix well, scraping down the sides in between. Pour batter into prepared cake pan, spread evenly, and bake for approximately 22-24 minutes, or just until a toothpick inserted into the center comes out mostly clean. Moist crumbs are good.
While the cake is cooling, make the frosting by creaming together cream cheese, butter, powdered sugar and vanilla in the bowl of an electric mixer until fluffy. Frost cooled cake, cover and store in the refrigerator until ready to eat.