Heat the broth and water on the stovetop, keep warm.
Cook the bacon in a large skillet on medium-high heat about 5 minutes or until crisp, stirring occasionally. Drain the bacon. Add the mushrooms to the skillet, cook 3 minutes stirring occasionally.
Add the rice and the dressing, stir for 1 minute. Add half the broth mixture. Cook 5 minutes or until most of the liquid is absorbed, stirring occasionally. Add the remaining broth mixture, cook 10 minutes or until rice is tender and almost all of the liquid is absorbed, stirring occasionally.