In large bowl cream 1 cup sugar, butter and shortening.
Add egg and vanilla; mix well.
Stir in flour, cereal, baking powder and cinnamon until well combined.
Chill 1 to 2 hours or until firm.
Preheat oven to 350°F.
Roll dough on lightly floured surface to 1/4 inch thickness.
Cut into 2-inch circles and place on ungreased cookie sheet; set aside.
In small bowl beat almond paste, egg whites and remaining 1/2 cup sugar until smooth.
With pastry tube, pipe almond paste mixture 1/2 inch thick on top of each cookie along outside edge.
Place 1/4 teaspoon jam in center of each cookie, spreading out to paste.
Place 1 sliced almond on top of jam.
Bake 8 to 10 minutes or until lightly browned.
Let stand 1 minute before removing from cookie sheet.
Cool on wire rack.